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Durlacher looking for a partner

Durlacher's chairman expects consolidation in the industry will affect the struggling technology bank.

Reports suggest that technology investment company Durlacher will look to merge within the next six months.

Sunday Business quotes Geoffrey Chamberlain, chairman of Durlacher Corporation, saying: “It is inevitable that over the next six months there will be a consolidation in the industry, either through merger or acquisition, and it is unlikely that Durlacher will not feature in that consolidation.”

Durlacher is making no official statement as yet. The company is believed to have approached a competitor about merging, with plans to close a deal before August.

In December last year Durlacher said that it expected to report losses of up to £13m for the six months to December 31. Shares in the company fell by 19 per cent to 23.5 pence upon the announcement.

“Recent turbulence in the technology, media and telecoms sectors has negatively impacted on Durlacher's stockbroking, corporate finance and investment businesses which are principally concentrated in these areas”, the company said in a statement.