Vandyk expected to continue Astaire spending spree with purchase of rival broker

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The Independent Online

Astaire Securities, the City stockbroker which was known as Blue Oar until June, is believed to be readying itself to buy rival Daniel Stewart.

It is thought that Astaire's chief executive, Edward Vandyk, is looking to table an offer by the end of the summer. Mr Vandyk has been on something of spending spree since wresting control of Blue Oar from its former chief executive, Andrew Monk, earlier in the year.

Dowgate, St Helen's Capital and most recently Ruegg & Co, the Alternative Investment Market advisory group, have all been snapped up.

Last year, Blue Oar posted losses of £16.1m against profits of £1.9m the previous year. While Daniel Stewart lost £2m during 2008, down from losses of £4.4m in 2007.

In June, the Financial Services Authority (FSA) fined Astaire £225,000 in relation to its conduct as adviser to the AIM-listed company, Managed Support Services. A spokesman for Astaire declined to comment.