THIRTEEN Gold Coast staff have been hit by the collapse of stockbroking firm BBY.
The firm which commands more than $2 billion in funds and counts tennis great Ken Rosewall as one of its directors has been placed in voluntary administration.
BBY announced yesterday it had handed control to advisory group KPMG after it failed to lock in new investors and the fresh capital they would have provided.
The group’s executive chairman Glenn Rosewall, also the son of tennis legend Ken, wrote to staff advising them of KPMG’s appointment, with the adviser naming Stephen Vaughan and Ian Hall to oversee the task.
“I regret to inform staff that despite exhaustive efforts by the BBY board to secure investors to inject additional capital into BBY, we have been unsuccessful.
“Consequently, we had no option last night but to appoint administrators from KPMG to manage the firm, effective immediately.”
Rob Harrison, BBY’s Gold Coast boss, said news of the collapse was devastating for local staff.
“The Gold Coast has been one of the best performing offices in the country for a number of years in terms of cost and revenue so this was horrible news,” Mr Harrison said.
“Our clients have also been impacted greatly and our advisers have…