Valutrades, a London-headquartered retail brokerage, announced the departure of its Chief Financial Officer, Liam Bonfield, who is stepping down from the role after eight years. However, his plans for the future are not known yet.
In a statement, Bonfield said: “I have thoroughly enjoyed working with some talented people over the years. With the recent investments in the new technology stack, I have every confidence in the future success of the business, and I wish the team the very best for the future.”
Departing after 8 Years
Bonfield joined the London offices of Valutrades as the CFO in April 2016. Before that, he was the Finance Director between October 2013 and April 2016 at the London-based GMO-Z.com, which is now closed.
He also spent more than six years at London Capital Group, first as a Financial Accountant and then as the Middle Office Manager. According to his LinkedIn profile, he started his professional career in mid-2001 and later worked as an accountant for several companies, including HSB Engineering Insurance and IFPI.
“We would not have been able to have achieved everything we have done without him and wish him all the best on his future endeavours,” the CEO of Valutrades, Graeme Watkins, said about the Bonfield's departure.
Ongoing Rebranding
The Valutrades brand operates with two licenses, one from the United Kingdom's Financial Conduct Authority and the other from the regulator in the Seychelles. The offerings under both entities are more or less the same: the brand itself offers trading services with margin forex and contracts for differences of other asset classes.
Last October, the existing shareholders of the London-based entity injected £823,499 (about US$1 million) into the company with a fresh share allotment, taking the total share capital to £8.22 million. The brokerage was supposed to utilize the proceeds for rebranding.
Meanwhile, the revenue of the UK entity in 2022 increased 45 percent to £6.48 million. Although the company posted a gross profit of £3.5 million compared to £2.2 million in the previous year, its expenses also increased significantly, resulting in a pre-tax profit of £552,405.
