BLM's head of London, Jennette Newman, and London partner Jonathan Edwards have both resigned. Sources told RollOnFriday the pair quit last week and were both placed on gardening leave immediately. The shock exit means the firm currently has no London boss.
It comes just four months after the Managing Partner left with no replacement in place.
Meanwhile, RollOnFriday has discovered that a second charge has been taken over BLM's assets. HSBC took the charge on 2 November. It comes on top of the charge in favour of Barclays dating from September 2014.
You might think this indicates that BLM is in some trouble. But despite appearances this is all good news, or a least it is according to BLM:
“Off the back of a strengthened balance sheet and falling debt, we made a decision to review our banking arrangements and agreed new terms this month. We’ve banked with Barclays for some time and now we’re pleased to say that we’re also being backed by HSBC, which is testament to our strong financial position. Support from both banks provides ample opportunity for future expansion and, together with our increased net asset base, a stable platform to support our development.”
“Jennette Newman and Jonathan Edwards made a decision to leave BLM to pursue other opportunities. Both are partners in the London office which continues to be a thriving location for BLM with a strong presence in the London Market. We’re in the process of electing a London office head.”
Update: They've both gone to Clyde & Co. Read more on Friday. Chime in below.
Well done to Jennette and Jonathan, they are likely to do better at Clydes than they could have done at BLM.
Answers on here please.
No senior leadership, banks taking charges over assets.... I'd flee the sinking ship before they announce they won't be able to pay anyone's salaries at the beginning of January.