Trio set to buy Martin Bierbaum

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THE future of Martin Bierbaum, the moneybroker under the control of the banks since they repossessed it from Gary Klesh's Quadrex, appears to have been secured, writes Jason Nisse.

Trio Investment Trust, headed by David Hagan, who was formerly at the rival moneybroker Tullett & Tokyo, is set to buy Martin in a deal rumoured to be worth pounds 25m.

It will mean Trio is transformed into a financial services group and will prompt the appointment of Smith New Court as stockbrokers and Touche Ross as auditors.

Trio's shares are to be suspended this morning while it completes the deal.

Mr Hagan's plan is to build on Martin's existing strength in the foreign exchange markets to develop an international moneybroking and derivatives business.