Stainforth quits at Durlacher

CHRISTOPHER Stainforth, chief executive of broker Durlacher, has quit with 'immediate effect' after disgruntled investors called for his head.

His departure follows reports that criticised him and his appointment of socialite Zoe Appleyard, whom he recruited to line up corporate finance deals.

Shareholders are fed up that Stainforth has not cut costs as promised. His pay-off is likely to be around £500,000.

Director Simon Hirst takes over as chief executive, while his twin brother Julian takes over as head of corporate finance. The company refused to comment on the reshuffle.

Appleyard's lawyers say she resigned in June but remains a consultant to Durlacher.

Old Etonian Stainforth, who was accused of misleading investors during the Blue Arrow scandal of the late Eighties, joined the company in 2002 when it was worth just £4m and in danger of going bust.

The shares rose 8 1/2p to 78 1/2p on his resignation, valuing the group at £15m.