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Teathers at risk after Iceland bank caves in
Rosamund Urwin09.03.09
The future of stockbroker Teathers has been thrown into doubt today after the nationalisation of its Icelandic owner, Straumur-Burduras.
Straumur, the last of Reykjavik's listed banks standing, is now under state control after warning that liquidity problems would cause it to fail.
It is not yet known whether Straumur's foreign operations will be put into administration but Teathers, which has about 80 employees at its Berkeley Square offices, today told staff that it was halting trading. Straumur bought Teathers in October from its collapsed rival Landsbanki.
Straumur's shares were removed from the stock market today and chief executive William Fall stepped down.
Iceland's banking watchdog has also suspended the bank's board.
The London Stock Exchange said Teathers' status as a nominated adviser was under review. It has a string of AIM-listed clients, including coffee chain Coffee Republic.
