Brewin Dolphin cuts technology bill by £13m

Brewin Dolphin has negotiated a deal to reduce its payout to Figaro Technology after it backtracked on plans to roll out a new computer system earlier this year.

Brewin Dolphin said in May it had scrapped plans to implement Figaro's software into the business after lengthy delays. The decision to terminate the deal triggered a pre-tax impairment charge to Figaro of £32m which Brewins was due to pay in the second half of 2014. Brewins was also contracted to make future payments of £15m to Figaro over the next 10 years. However, following negotiations, these payments have been reduced to £2m. In a statement today, Brewins said: "Negotiations have now concluded in relation to the outstanding contractual obligations regarding potential future p...