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Stockbroker seeking 'White Knight'

One of the City's oldest stockbrokers is reportedly in talks to secure an emergency cash injection to stave off administration. Seymour Pierce, which is best known for advising on the sale of Premier League football clubs, is understood to be on the brink of collapse.

Administrator Grant Thornton has already been placed on alert, according to reports, but it is believed the business is still hoping to find a "white knight" investor.

Seymour Pierce, which traces its name back to 1883, has been hit by a slump in deals since the financial crisis.

In the early 20th century, Seymour Pierce specialised in raising funds for small gas and water utility companies

Seymour Pierce Credit: PA