Losses shrink at independent bank Quayle Munro
Quayle Munro, the independent merchant bank, has reported that it has cut its losses.
The Edinburgh-based boutique bank made a pre-tax loss of £390,000 in the second half of 2011 compared with £496,000 in 2010.
The bank said it had not been an easy period, although it had advised on some major deals including Virgin's acquisition of Northern Rock.
The firm's chief executive Andrew Tuckey announced he was to stand down.
Mr Tuckey is also to relinquish the role of executive chairman later this year although he will stay on as an adviser.
Andrew Adams has been appointed as chief executive and the company said it will look for a new executive chairman.
Quayle Munro described its latest set of results as "creditable" given the "subdued mergers and acquisition market and generally depressed economic conditions, particularly in Europe".