Exclusive FNG… FCA-regulated Retail FX and CFDs broker Valutrades is in the process of completing a round of redundancies at its London offices, FNG has learned, as the firm tries to cut costs that are rising rapidly in the face of inflation.
The current round of layoffs includes long-time Valutrades employee and the company’s Head of Business Development, Lauren Connor, who has been with Valutrades since 2015. We understand that other Valutrades staff have been let go in roles including customer support, operations and payments .
We reported in February that Valutrades’ long-time 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 down from Valutrades’ board earlier this year.
Valutrades rebranded last year after posting strong results for its most recent financial year (2022), with revenue up 47% to £6.5m and net profit of £735k. However, the company has yet to release its financial results for 2023.
Graeme Watkins, CEO of Valutrades, commented to FNG,
“In the face of rising costs in the UK, Valutrades has had to make the difficult decision to make a number of redundancies from our London office. This will help us reduce costs and focus our resources on creating the best solutions for customers. We would like to thank all those staff we 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 an FCA regulated online broker based in London and operated since 2015 by CEO Graeme Watkins. The company is controlled by Indonesian investors Aman Lakhiani and Anil Bahirwani.