The Guide to Investing in Stocks and Shares

Ellis Stockbrokers Ltd

Back to Company Information

Company History

We are often asked what happened to Ellis and Partners or Seymour Pierce (the stockbrokers). The answer is fairly complicated, but we have attempted to chronicle the history.

It all started with a small stock broker called Ellis and Partners in Crawley. This company reversed into a quoted company called Captain O.M.Watts.

The name was then changed to Talisman House and they acquired a company called Clifton Financial Associates (CFA). Talisman House then bought a London stockbroker called Seymour Pierce and Talisman House changed its name to Seymour Pierce Group.

After various acquisitions and disposals the company was bought out by certain directors and others through a company called SPIN. This buy-out consisted of Seymour Pierce London and Seymour Pierce Ellis, and left a rump, which was still quoted but had changed its name from Seymour Pierce Group to Investment Management Holdings (IMH). This company was eventually bought out by Syndicate Asset Management.

In the meantime a company was formed called CFA Capital Group, which had a subsidiary called City Financial Associates. At some stage CFA Capital Group changed its name to Dowgate (quoted on AIM) and purchased Galleon (A private client stockbroker). Galleon was sold shortly after but Dowgate retained the broking license.

Recently Seymour Pierce Group sold Seymour Pierce Ellis (the original Ellis and Partners of Crawley) to Dowgate (reverse takeover).

Seymour Pierce Ellis changed its name to Ellis Stockbrokers Ltd.

30.4.2008 Update

Just to keep this article bang up to date on the 4th April resolutions were passed to change the names of the two wholly owned subsidiaries, City Financial Associates Limited and Ellis Stockbrokers Limited. CFA will change to Dowgate Capital Advisers Limited and Ellis to Dowgate Capital Stockbrokers Limited.

22.5.2009 Update

Blue Oar (Astaire & Co.) is attempting to acquire Dowgate. Blue Oar are interested in 16.9% of the company. The board of Dowgate believes that the level at which Blue Oar is attempting to acquire the company is opportunistic and undervalues Dowgate. To date no firm offer has been made and there is no certainty an offer will be made.

Latest News 22.6.2009

Astaire, formerley Blue Oar has made a formal offer for Dowgate.

30p cash and 9 Astaire shares for every 10 Dowgate or:

60p cash and 3 Astaire shares for every 10 Dowgate.

This is a hostile bid as it does not have the backing of the Dowgate board.

The Astaire Group (Group CEO- Edward Vandyke, aka Dr. Death)  also includes Rowan Dartington Astaire & Partners .

Latest news 18th February 2011
So what has happened to Dowgate?
Well the bid from Astaire Group went through but shortly after Astaire attempted to take over Hoodless Brennan. This would probably have been fraught with its own problems but at the same time it became public that Rowan Dartington had irrecoverable debtor balance of up to £1.4m. Astaire realised that there would be no chance of the FSA consenting to the acquisition of Hoodless so the offer lapsed.
The board of Astaire realised that their plan of expanding the group was not going well and decided to reverse the process. Further possible problems with Corporate Synergy, a dormant holding company within the Astaire Group put further pressure on the organisation. Izodia's lawyers filed a claim for approx. £4m+ in respect of alleged events which took place in 2002.

15th October 2010. Astaire Group sells Astaire Securities, changes name to Northland Capital Partners.
10th February 2011 Astaire Group sells Rowan Dartington.
14th February 2011 Astaire Group sells Dowgate Capital Stockbrokers to 3B Capital.
Dowgate purchasers consist of management, staff and other investors.
Looks likely that Dowgate will retain the same trading name.