Willis Owen profits plummet 20%; sets aside £45k for complaints

Profits fell to £1.9m for the year ending 30 September 2012, down from £2.4m at financial year end 2011. Willis Owen was owned by now defunct Honister Capital Ltd until October 2011 when it was transferred to a new company, Honister Capital Holdings. It had been the only profitable division of Honister Capital Ltd which went into administration in June 2012 following a series of complaints and the firm's subsequent inability to secure Professional Indemnity (PI) insurance. Willis Owen also received complaints, and has set aside £45,100 to deal with these. A statement made in the...