Merchant House counts cost of Clarkson Hill takeover

Merchant House, which acquired Clarkson Hill in December 2010 to come under its Merchant House Financial Services (MHFS) proposition, incurred a loss for full-year 2011 of £5,613,000. MHFS alone made a loss of £2.4m. It said this was after a number of significant one-off charges and costs. Among these, it said, were the costs related to the complex process of arranging for the re-authorisation of advisers joining from Clarkson Hill. This took so long, it said, the average gross income for MHFS in the first three months of last year was just £20,000, while, in June, after all advise...