MOS International, a supplier to the oil industry, has sacked its broker, Hoodless Brennan & Partners, the stock brokerage heavily reprimanded by the Financial Services Authority for its involvement with a £2.5m share placing for a different client.
MOS International said it dropped Hoodless Brennan, based in Docklands, London, after finding it difficult to raise £1m to expand its business.
Brendan Larkin, chairman of MOS International, said: "We did a couple of beauty parades in the City and we were not getting sufficient attention because a few people were a little suspicious of Hoodless Brennan."
Geoffrey Hoodless and Sean Blackwell, formerly chairman and chief executive of the brokerage, are currently fighting through an independent tribunal an attempt by the FSA to ban them from carrying out certain types of advisory work. The FSA has accused them of hiding information about a share placing for Aim-listed PrimeEnt in 2000, in which the placing was £750,000 short of its target.
Separately, Hoodless Brennan ran into trouble this month when it failed to help Medpharma, another client, raise £8m as part of a planned listing on the junior Aim market. Medpharma eventually abandoned the float a couple of weeks ago.Reuse content