SJ Berwin starts quarterly partner distributions after 12-month freeze
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SJ Berwin has restarted its profit distribution payments, having not paid out the quarterly windfall to its partnership for more than a year.
The City firm has said it will make monthly payments in an effort to catch up with the lapsed distributions, which date back to November 2008, although it declined to comment on the extent of these payments.
The latest quarterly distributions were due to be paid at the end of last month. It is unclear whether these were paid in full.
The firm said the payments could restart after it saw an upturn in deal volume over the last quarter, but said it would remain “prudent” as to how much will be paid back to partners. It would also not be drawn on how long the monthly payments would replace quarterly profit distribution.
It is also unclear whether the firm has increased its bank borrowing to facilitate the restarting of payments - something it had previously said it was unwilling to do.
A spokesperson said the firm is “restarting payments on a monthly basis as cash permits to expedite the debt, but we will remain prudent as the market is uncertain”.
