Third party administrator for the travel insurance industry Francis Charsley has ceased trading and will be placed into liquidation.
The company's auditor Kingston Smith confirmed the move as Franc ...
Third party administrator for the travel insurance industry Francis Charsley has ceased trading and will be placed into liquidation.
The company's auditor Kingston Smith confirmed the move as Francis Charsley's director Sam Sargent was unavailable for comment at the time Insurance Times went to press.
Southend-based Francis Charsley had handled claims since the 1960s and according to a leading travel insurer, used to be the "Rolls Royce" of insurance loss adjusting. The source said: "It was involved in fulfilment as well as claims adjusting. More insurers have been insourcing work so there is not much around."
The company made an operating loss of £67,663 in the year to 30 June 2001 after an even worse year in 2000, when it lost £250,633 in 2000.
Despite improving its loss on ordinary activities before tax from £225,115 to a loss of £39,986 in 2001, the firm still owed £91,922 in net current liabilities in 2001.
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