FNG Exclusive… FNG has learned that FCA regulated Retail FX and CFDs broker Valutrades is in the process of completing a round of redundancies in its London office, as the company looks to reduce costs that have been going up rapidly in the face of inflation.
Included in the current round of layoffs is longtime Valutrades employee and the company’s Head of Business Development, Lauren Connor, who had been with Valutrades since 2015. We understand that other Valutrades staff have been made redundant in roles such as customer support, operations and payments.
We had reported back in February that Valutrades’ longtime CFO Liam Bonfield was leaving the company. Mr. Bonfield is now CFO at MAS Markets (formerly BidX Markets). The company’s former COO, Harry Campbell-Lamerton, stepped off the board of Valutrades earlier this year.
Valutrades went through a rebranding last year after posting strong results for its most recent fiscal year (2022), with Revenues up 47% to £6.5 million and Net Profit of £735K. However the company has yet to post its financial results for 2023.
Graeme Watkins, Valutrades CEO, commented to FNG,
“In the face of rising costs in the UK, Valutrades has had to take the difficult decision to make several redundancies from our London office. This will help us reduce costs and focus our resources on building the best customer solutions. We’d like to thank all those staff we have had to say goodbye to for their fantastic efforts over the years and Valutrades would not have achieved what it has already without them.”
Valutrades is a London based, FCA regulated online broker run since 2015 by CEO Graeme Watkins. The company is controlled by Indonesian investors Aman Lakhiani and Anil Bahirwani.
