Jarvis Securities is an AIM-listed holding company whose subsidiary, Jarvis Investment Management (JIML), ran an execution-only stockbroker and a clearing service for corporate clients. A regulatory review from 2022 and falling trading volumes and interest income led it to sell the retail broker for up to £11m in 2025 and wind down the rest. It now holds about £10.5m of cash. Its shares have fallen from 96.5p in October 2023 to a latest close of 8.0p on 9 October 2026.
A stockbroker that earned from trades and from client cash
Jarvis Securities plc is the AIM-traded parent. Its main trading subsidiary, JIML, is authorised by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange and Aquis. It offered retail execution-only stockbroking (clients place their own trades, with no advice), ISA wrappers and savings schemes. It also provided administration, settlement and clearing for corporate clients, known as 'Model B'.
The group earned commission on share trades. It also earned interest on client money held in treasury deposits, so profit rose and fell with trading volumes and interest rates. When the retail business was sold, it covered about £1,265m of assets under administration and had FY2023 revenue of up to £8.55m. 30 Dec 2025 15 Apr 2025 26 Mar 2024
The FCA review that reshaped the cost base
In September 2022 JIML agreed voluntary restrictions with the FCA and accepted a 'skilled person' (an outside reviewer appointed under s.166) to examine its systems and controls. The restrictions hit its Model B corporate clients. Some were turned away as outside the firm's risk appetite and others left because of the restrictions.
In November 2023 the FCA ordered an extra review phase. The company skipped its Q4 dividend and said the process would cost more than £1.3m that year. The shares fell from 96.5p in October 2023 to 46.5p in November.
Fixing the problems meant hiring senior specialist staff. The company says this permanently raised the cost base. Higher interest rates through to Q3 2023 helped cover the bill. Trading volumes stayed weak, and the number of Model B clients kept falling. In August 2024 the board said the year would be significantly below market expectations. 13 Nov 2023 26 Mar 2024 8 Aug 2024 30 Dec 2025
Selling the retail book and winding down
On 15 April 2025 JIML agreed to sell its retail execution-only business to Interactive Investor for up to £11m in cash. The company also began closing the rest of its operations, took no new clients and served notice on Model B clients. The board cited the permanent cost increase, shrinking Model B volumes, falling interest rates and competition from larger firms. The shares fell from 39.5p in March 2025 to 15.0p in April.
The sale completed on 7 July 2025 and £9m arrived the next day. Two deferred payments of £1m each followed, due 12 and 24 months after completion. The year end moved to 30 June, and the audited accounts for the 18 months were delayed to December 2025. 15 Apr 2025 27 Jun 2025 7 Jul 2025 30 Sep 2025 30 Dec 2025
Redress, advisers and a failed sale
In December 2025 JIML said it owed redress to some clients. One breach concerned commission shared with an introducer. The other concerned unclear wording in old client terms about interest paid on client money. It estimated about £2.8m over the next 12 months, with the figure open to material change.
The board hired S&W Partners to monitor the wind-down and review the remaining assets. In May 2026 the company engaged advisers to explore selling JIML itself, which then had about 1,800 clients and about £44m of assets. About £7m of those assets were potentially illiquid or non-returnable. On 28 August 2026 the company said the process had ended with no offers. 30 Dec 2025 5 May 2026 28 Aug 2026
Regulation, costs and a shrinking revenue base
The record shows three causes. The FCA review forced permanent extra costs onto a small firm. Commission income fell as trading volumes and Model B client numbers dropped. Interest income peaked with high rates, then fell as rates came down and client cash shrank. The company also names price competition from larger rivals with economies of scale.
Dividends reflect this: 6.75p was paid over the 18 months to June 2025, against 8.75p for 2023. JIML cannot pay dividends up to the parent while the restrictions remain. 30 Dec 2025 26 Mar 2024 30 Mar 2026
Exit, oversight and thinner leadership
The board chose to sell the retail book and wind the business down rather than stay in the regime. It brought in S&W Partners for independent oversight. It also decided in 2024 to exit the SIPP (self-invested pension) market.
Andrew Grant is chairman. The company said in April 2024 that he would retire as JIML's managing director by 31 March 2025. In October 2024 he inherited 1,001,478 shares, taking his stake to 27.07%.
Finance director Kieran Price stepped down as an executive on 15 January 2026 and stayed on as a part-time consultant. Paul Shackleton joined as non-executive director in January 2026. Southey Capital raised its stake from 3.04% to 9.864% between December 2025 and January 2026.
In May 2026 the company agreed to sell its Tunbridge Wells leasehold property for £100,000 to a company connected to a director. The property's book value was £196,626. Shareholders approved the sale on 29 May. 17 Apr 2024 23 Oct 2024 23 Dec 2025 27 Jan 2026 8 May 2026 29 May 2026
Cash in hand, trading business gone
In the six months to December 2025 revenue fell 75% to £1.59m, excluding exceptional items. Reported pre-tax profit was £7.4m because of the sale proceeds. Cash was £10.5m and total equity £8.4m. Management says key performance indicators no longer apply. Interest income is falling with client money.
The first deferred payment of £1.029m arrived in July 2026. JIML is still winding down and still under the FCA restrictions. The board reviews dividends quarterly. 30 Mar 2026 9 Jul 2026 28 Aug 2026
A capital return, but the timing is open
The company says it will return remaining capital to shareholders later in 2026. The second £1m deferred payment is due on or around 7 January 2027, subject to possible claims adjustments. Cancelling the AIM listing needs shareholder approval and is intended 'in due course'. The directors expect leftover distributable reserves to be returned at that point, though the timing depends on JIML finishing its wind-down.
The April 2025 plan put the wind-down at about 15 months. Later statements say 'coming months' and do not repeat that figure. Open questions are the final redress cost, the unsold JIML business, which still holds about 1,800 clients, and the amount and date of any capital return, none of which the company has stated.
If JIML's client agreements or assets all move to a third party, Jarvis becomes an AIM cash shell. It would then need a reverse takeover within six months. The directors say they do not intend acquisitions. 28 Aug 2026 9 Jul 2026 30 Mar 2026 15 Apr 2025 30 Dec 2025
“they intend to make arrangements to return any remaining capital to shareholders later in the year” 28 Aug 2026
Written by AI from Jarvis Securities's own announcements since Oct 2023 · every paragraph links to its sources