Bridgewell changes CEO

15 January 2007

Bridgewell Group, the London-based brokerage, has announced that it has parted company with its chief executive Rennie McConnochie, following poor trading performances in 2006.

Jim Renwick will take over the top role at the company, having joined from Switzerland's UBS Bank last year, Bridgewell said.

Trading at the brokerage was described as "difficult" over the summer period, with the London Stock Exchange's Alternative Investment Market (AIM), on which Bridgewell trades, seeing a drop in the number of companies.

Although revenues for 2006 are expected to be £30 million, the company admitted that profits would be hit significantly by the need to pay bonuses to staff in order to keep them.

It is estimated that bonuses will take up around half of all operating profits.

The capital structure of the company is also set for change, with the number of shares in issue reduced, and the staff share schemes simplified.

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