The board of Merchant House Group has announced that Christopher Day has stepped down as chief executive of the company with immediate effect.
In an announcement on the London Stock Exchange, the company said he will remain on the board of MHG’s wholly owned subsidiary, Merchant Capital.
James Keane, managing director of MHG, will assume the role of chief executive of the company going forward.
This follows MHG reporting a £5.6m loss for 2011, which it largely attributed to costs incurred in its advisory arm due to delays in getting advisers re-authorised following its purchase of Clarkson Hill Group in 2010.
More recently, Merchant House Financial Services, the IFA arm of Merchant House Group, cut a number of advisers deemed ‘low profit’ despite reporting increased revenue for the first half of its financial year.
Revenue to the advisory firm grew by 22 per cent in the six months to 30 June 2012, with sales reaching £2.7m compared to £2.2m in the previous year. However the company continues its efforts to cut costs, which includes dropping “low profit” advisers.