Tyser & Co overhauls management; prepares for ownership restructure
The independent London market broker Tyser & Co has reshuffled its management team and is in the throes of restructuring its shareholdings as a number of senior executives prepare to retire.
Chris Elliot, the head of Tyser & Co’s marine and aviation divisions, steps up to become group chief executive. While Quintin Heaney, the former Alexander Forbes finance director who joined the firm last year, becomes chief operating officer in addition to remaining as finance director.
According to the broker, Roger Marsh will “step down from his executive duties” although he will continue as chairman until 1 August when he will be succeeded by Christopher Spratt.
Spratt, currently Tyser & Co’s joint managing director with John Ramsay, will become deputy chairman until August while Ramsay retired from the company at year-endbut remains as a consultant.
The firm is also planning a restructuring of its shares which are owned by a number of the senior executives who are planning their retirement.
Heaney told Insider Week: “The management restructure may include a purchase of interests. This will enable retiring shareholders to realise value and to bring in new shareholders.”
He added that the move would also help the firm expand its operations to ensure it can draw new talent. “We are creating a platform that will enable us to attract new individuals and new teams. It will be a pretty exciting ride,” Heaney explained.
Tyser & Co was formed in 1820 and remained as a partnership for 180 years until incorporating in 2001. It employs some 220 people and, for the year ending 31 July 2005, had turnover of £21.7mn and pre-tax profits of £1.5mn.
The firm is owned by its senior management, with Roger Marsh, Christopher Spratt, Michael Cairns, Keith Cooper and Christopher Elliot, the largest shareholders as of July 2006.
The development comes in the wake of the independent London broker Glencairn being acquired by the US retailer Hilb Rogal & Hobbs last month.