Prestbury Share Discussion Threads

[mrsasal490] 10/1/2007 09:13

Results period from 14th jan to 14th Feb i will not try to detail the exact date as last time round the company (Lee himself) gave me false information on the release date !!

[wormcatcher] 09/1/2007 16:27

Should be coming up to final results in a couple of weeks judging by the date of last years.

[wormcatcher] 09/1/2007 16:26

530,000 shares bought so far (5000 sold) and the price drops!
Can still buy 50,000 on line, but only sell 1,000.
Odd one.

[mrsasal490] 09/1/2007 14:44

With nearly half a million share bought does anybody know what the rumour is or have we some cracking results or news to come, .......takeover ??

[wormcatcher] 09/1/2007 14:12

Can buy below mid price.

[mrsasal490] 09/1/2007 13:05

Christ what on earth is going on here we lie dorment on very low trade and what happens in 3 hours of trade !! Mind you shows the massive over hang in shares the MM's need to dispose off before the price rises.

Or a massive sell to come through, either way never seen anything like this with no movement this on this share

[zinco1] 09/1/2007 11:19

25k@22p...;-)

[baggywrinkle] 19/12/2006 19:23

This article adds some perspective to this fund raising:

"Prestbury has raised £1m to accelerate the growth of its appointed representative network and double the size of its business without increasing overheads.

...

Birkett says: "As a result of raising this additional capital, Prestbury will be introducing in January 2007 a financial assistance programme for newly recruited quality advisers, namely those individuals who can confirm that they completed £50,000 commission in the previous year.

"This service is also available to current Prestbury AR firms who wish to bring an additional adviser to their business.

"When an adviser resigns from his employer or another network there is normally a period of up to 12 weeks where they need to build up their pipeline of business. We will look to pay them a monthly advance of commission until their pipeline starts to come through."

...

Full article available at:

[mrsasal490] 18/12/2006 11:12

A placing to raise funds for training/ recruitment of AR's , doesn't sound too good if they cant use their own money n totally out of the blue, did anybody get wind of this ??

[mrsasal490] 16/12/2006 11:21

Found this tucked away on my laptop, forgot to post it as went away on holiday shortly afterwards will post on here as now as all is quiet....





Appointed representatives of failed network First 4 Brokers could face financial ruin because of unpaid fees.

The network went into administration on August 11 leaving 30 ARs unable to trade and hundreds of support staff redundant.

Robert Ambrose, a broker at In-Sight Finance, has attacked the Financial Services Authority for failing to protect ARs and control the network.

He says: "The FSA audited First 4 Brokers less than six months ago. It allowed them to carry on trading. No capital adequacy check and no safeguard that ARs' commissions were not being used to fund wages.

"I was an AR of the network and now cannot trade. I have lost all sign of future income, have clients I have known for years that I can't help and wonder what the point is of continuing with my business."

He adds: "The FSA has our full working history but won't provide a temporary compliance solution, won't fast-track our new network application and won't safeguard our commission payments."

Another AR of First 4 Brokers says she could be owed as much as £20,000 by the network.

She says: "Lenders and packagers are holding onto our fees because they have not been told by the administrator that they have to pay them to us. The fees for cases we have already completed have gone into an account at First 4 Brokers and will now go towards paying the network's debts. We are left without wages."

A spokesman for the FSA says: "We deal with situations like this as quickly as possible. ARs and networks have a commercial relationship. We have no responsibility to get involved in that. ARs should be aware of what is in their contracts."

Meanwhile Lee Birkett, chief executive officer at Prestbury, has revealed that it offered to buy out First 4 Brokers just weeks before the network went into administration.

He says: "I did not hear back from First 4 Brokers which is sad as the duty of the managing director should be to realise the benefits of consolidation."

Mark Bowen, administrator at insolvency firm Moore Stephens, says: "The ARs will have to find a new home. Several networks have contacted the ARs directly but this is a matter for the firms themselves."

[wormcatcher] 29/11/2006 09:45

Still here - just not much to comment on!

[mrsasal490] 29/11/2006 08:33

We are all still here but as you say we await news and the results end Jan 07

[tinpotdik] 28/11/2006 22:22

i wish i knew Baggy. Far cry from the the exciting days. Just hope its a case of we await news 'at any time'? - but wtfhwik as im out of the loop.
I wouldnt worry too much as the stability would suggest.
No doubt someone will now respond to allay any fears.
Still it would be nice to know that the gang havent suffered some acute disaster. Which reminds me latestarter ...
btw is that long term graph correct? surely the share price wasnt at 12p only 12 months ago - seems like 10 years ago to me. Mucho suerte from colombia. tom

[baggywrinkle] 28/11/2006 17:15

I wonder where everyone has gone

[zinco1] 23/11/2006 08:19

Just catching up on this BB...;-)))

[zinco1] 24/10/2006 08:11

Nobody said a could'nt share it with afew friends.....



We hope you are all well, We can't believe were approaching November already, it will be Christmas before we know it so We thought we would drop you all a quick line to bring you up to speed with what's happening at Prestbury before it arrives;



Business Overview


We have had a manic year with sales increasing quarter by quarter, we actually broke through the £10 Million annual commission barrier on a rolling basis last quarter and business continues to grow, thank you to each and every one of you for contributing to make Prestbury a great success. Those of you who follow Prestbury PLC will have seen in our interims that we reported an organic 45% increase in business, and in a recent broker note we were also highlighted as a consolidator of other Networks. We am working hard to ensure Prestbury remains the Network where the best advisers in the business want to be. Prestbury have the highest average income per adviser in the sector, by some margin, and we are keen to maintain these standards. Therefore any transaction that we enter into will not dilute the quality of the Prestbury adviser, which is widely accepted as the benchmark for corporate governance and compliance.



Dirty Tricks


We are currently in consultation with the FSA regarding Malpractice of certain Networks and their recruitment methods. The main issue is a number of Networks' representatives trying to encourage Prestbury and other Networks Appointed Representatives to set up newco' shadow companies, this has actually happened and in a number of instances the large Networks concerned haven't taken up the appropriate references when the newco' companies are being created, so as to not raise any questions – the end result is a client receiving Mortgage advice and not knowing which Network takes responsibility for the advice given. If you are approached, and we thank the number of you who have already informed us, then please drop Maggie Creswell an email with the details.



IVA and IFA


We am pleased to see the first IVA cases coming through, this marketplace is huge, and with debt spiralling out of control this is a product in your portfolio that can set you apart from your competitors. You can now provide a solution to all your clients from every demographic, don't also forget that we have the in house Prestbury IFA for those clients that need this service. Please be aware though that the Prestbury IFA service was created to ring fence your important clients, particularly for the big ticket business such as large lump sum investment and inheritance tax planning. The cost of running the IFA business means we are unable to entertain the £50 per month ISA's etc.. We am sure you all understand that the PI and other associated costs mean we can only advise on products with sufficient margins.



Year End


Would you all please be aware that we are approaching our year end 31st October, so the accounts and commission team will be under increased pressure. We respectfully request that you please bare with them, they are doing a job that is vitally important and far too often thankless, they deal with thousands upon thousands of transactions and like the lenders and life offices they are striving to deliver a valuable service to you. Once the year end is dealt with we should have some news of developments that we have been personally working on that will enhance the commission proposition, this is an industry wide challenge and it is at the top of my plans to be delivered before the end of the year.



Mortgage Club and Packaging


The lending since the beginning of the year via the Prestbury Mortgage Club has remained relatively constant at approximately £100 Million per month. There has however been a 65% growth in Prestbury sub prime packaging lending figures over the last twelve months, up from £18 Million in Q2 2005 to £30 Million Q2 2006. We shouldn't however be too surprised considering this years interest rate rises and the addition of new lenders Platform and TMB on the panel. In response to the changing UK economy we have also noticed the mainstream lenders tighten their underwriting criteria. We expect, with the increased repossession figures recently announced, that the growth in the sub prime packaging division will continue well into 2007. The packaging team are hungry for your business, so please give them a try with your next difficult case.





We look forward to speaking to you all soon and sharing some new and exciting developments.



Thank you for your continued support

[james 2] 06/10/2006 14:49

MrS - Looks like we will see some press soon as well ;

Prestbury will differ from the current Debt/IVA players as we will be proposing in the National Press that consumers from the UK who are in financial difficulty first seek help from a qualified Prestbury Adviser, the current Debt/IVA marketplace do not have FSA authorised individuals dealing with clients in their call centre's, so you all will be a highly regarded network of trusted debt advisors and this I expect to be well received by the press.

rgds
j2

[james 2] 06/10/2006 12:13

Sorry should just add it isn't great news in terms of the debt problems people have but it is good that PBH are looking to gain some of the IVA market share - which in turn will help people out of their debt problems.

[james 2] 06/10/2006 11:59

Hi MrS - This is bl00dy fantastic news & as the IVA's roll in should well be worth a re-rating imo.

DFD one of the few shares I have made some money in recently :o( from memory had an original cost per new IVA of £1500 which is now down to £850 so paying £500 to an advisor is a no brainer imo.

I am sure some of the bods on here can tell us more, but in my mind this is fantastic news.

Nibbled another 7500 now back to sleep
j2

[mrsasal490] 06/10/2006 10:05

What a very informative rns, has the PR tide turned ?
Also 1 AR added this month so far

[tinpotdik] 26/9/2006 19:06

My best regards to you too LS and hope you get this thing settled well. Good luck.
and ... its back to sleep ...

[james 2] 25/9/2006 13:29

Thanks zinco, please pass on my regards if you cross mails anytime in the future.

[zinco1] 25/9/2006 13:26

LS Had a family issue (nothing live threating)and was taking a break from the markets the last time i spoke with him,am told the suiter is still in the frame but in no rush or so am told....back to sleep....;-)))