Panmure Gordon: a shockingly bad investment for Qinvest

It struck me whilst combing through the recent coverage of the Bob Diamond / Panmure Gordon deal over the last few days that none of the excellent commentators had picked up on what a shoddy investment the stockbroker has been for Qinvest, the Qatari "investment bank" now run by some ex Goldman Sachs types.

In case you don't recall, back in 2009 Qinvest paid 34p a share - or £23 million - for a 44pc stake in Panmure Gordon and since then the gulf-based investment bank has pumped in extra cash, including a £5 million loan last year.

Last week, though, it emerged the Bob Diamond-led bid for Panmure Gordon effectively values the 140-year old broker at £15.3 million, which is clearly signicantly less than what Qinvest paid for its 44pc stake in 2009.

I guess having Bob Diamond front and centre on the takeover deal (although supposedly he won't be directly involved in running the business) whilst paying expensive uber spinners at Teneo Blue Rubicon and Brunswick helps divert attention from such egg on face...

Date: Thursday, 23 March 2017, 7:10 am

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