Close Brothers slides on ‘soft’ figures

SIGNS of a City slowdown emerged today from Close Brothers, the merchant bank led by Preben Prebensen.

While the loan book rose by 5.1% to £7.6 billion in the last quarter, other arms were more sluggish. Winterflood, the trading business, saw “low” volumes but was still in profit.

The property loan book was

flat, though there was a “modest increase” in motor finance.

Ian Gordon at Investec said the statement “is all rather soft”: “The cautious reference to ‘mixed’ trading conditions feels necessary and appropriate.”

Close shares fell 3% to 1410p, leaving it valued at £2.1 billion.

Assets under management rose 9% to £11.3 billion. Close will release full year results on September 24.