Jim Durkin, chief executive at London stockbroker Cenkos Securities, is to retire from the company, the company’s board has announced.

Mr Durkin’s decision comes weeks after the broker steered logistics group Eddie Stobart back onto the stock exchange, but months after the company reported that full year profits for 2016 had fallen by some four-fifths.

No successor has been appointed and a date for Mr Durkin’s departure from the broker has not been set.

Gerry Aherne, Cenkos’ chairman thanked Mr Durkin on behalf of the board, “for all his hard work and the contribution that he has made to the development of the business over the past twelve years and in particular the last five years as Chief Executive Officer. We thank him for his commitment and are grateful for all that he has done.”

Liverpudlian Mr Durkin has been in the City for 35 years and remains a shareholder at Cenkos.

It has been a week of change among the City’s small cap brokers, as Oliver Hemsley, founder of Numis, stepped down from its board on May 8.

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