Cenkos, the City stockbroker best known for being the creation of Andy Stewart, a dual legend of the Square Mile and national hunt horse racing, has lost its chief executive.
Simon Melling was at Mr Stewart’s side when Cenkos Securities floated five years ago and has worked with him on and off for 20 years since their days at Singer & Friedlander and later at Collins Stewart.
Cenkos said that Mr Melling was off “to pursue other interests”. Oliver Ellingham, another face in the City who sits on the Cenkos board, is also headed for the door, stepping down as a non-executive director.
Mr Melling, 50, who was last year paid more than £1 million to run Cenkos, has agreed to remain in the post until Cenkos has appointed a new chief executive, although no new suitable successor has yet been found. Peter Sullivan, the Cenkos chairman, said that the board was sorry to see Mr Melling leave.
Mr Melling was finance director when Mr Stewart was chief executive at the Cenkos float in 2006. Mr Melling stepped up when Mr Stewart took a back seat from the business, becoming a better-known face in the winning enclosure at Cheltenham — most notably with the multiple championship-winning hurdler Big Buck’s.
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Cenkos specialises in acting as a broker to and floating smaller companies. In a trading update, it said: “Despite a challenging market for initial public offerings and other fundraisings and continuing weak general economic conditions, the group is pleased to report that it has raised more than £620 million for over 20 clients during the first five months of the year. Unaudited estimated revenues for the first five months are around £26 million which is up £5 million against the corresponding period for 2010.”