North makes 2012 loss after investing in model portfolio service

The loss, which follows a profit of just under £200,000 in 2011, came despite an increase in turnover, which rose from £1.14m to £1.21m over the same period. Cost of sales rose from £161,000 to £341,000, while a more significant cost increase came from administrative expensives, which rose from £825,000 to £1.3m. North chief executive John Husselbee (pictured) said the headline loss was due to the firm's focus on expanding its model portfolio proposition. The Wealth Solutions service launched two years ago; the firm has been heavily focused on it for the past 18 months. Husselbe...