Finance firm quadruples losses after takeover

STRUGGLING wealth manage- ment firm Walker Crips has revealed losses more than quad- rupled after a “difficult” first half ahead of its takeover by a Singa- pore rival.

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The London-listed group reported a £7m pretax loss for the six months to September 30 against losses of £1.5m a year ago, blaming “internal challenges and broader economic uncertainty” for its poor performance.

It was hit by a £4.4m goodwill write-down, although revenues also dropped 7.3% to £14.6m.

The results follow just a month after it agreed to a £5.6m takeover by Singapore-based PhillipCapital, which already owns around 29% of Walker Crips.