Veteran broker Howard Shore gives up chief executive position

Howard Shore is stepping back at the broker he founded 32 years ago and claims Brexit is an opportunity for “a bonfire of regulations”.

Shore, a Brexiteer and Spurs fan, will give up his chief executive duties to focus on “strategy” and pursuing deals overseas as executive chairman.

His two right hand men, Simon Fine and David Kaye, will become joint chief executives. Fine is a former boss of Shore’s capital markets business, while Kaye is from the fund management arm.

Shore still owns 41% of the shares and thinks the future is bright for smaller City players as the big banks desert their own customers.

“Corporates who want to raise capital are increasingly turning to independents because we have better relationships,” he said. “It is amazing to me how slow banks are to respond to people who want to borrow money.”

He added: “The big opportunity from Brexit is deregulation. I would like to see a bonfire of regulation. Why aren’t we getting productivity gains? Because as a country we are over regulated.”

Shore thinks the weak pound will ensure money keeps flooding into London whatever wobbles follow Brexit.

Shore floated on AIM in 2000. Today the shares were up 2.5p at 240p. That leaves the firm valued at £53 million.