New lease of life for DJs
A recapitalisation and a change of city offices has better positioned DJ Carmichael to tackle what remains one of the toughest markets for Perth stockbrokers in a generation.
WA's oldest broking firm has strengthened its balance sheet by raising funds from its mainly staff shareholders, but a move to cheaper and smaller premises in the Perth CBD has also provided significant relief.
Carmichaels moved across St Georges Terrace into Parmelia House three weeks ago after finally escaping an onerous long-term lease over its premises in London House that had weighed on its financial performance.
The change is expected to materially benefit the firm's results, though Carmichaels is still working its way back to profitability.
The relocation has coincided with a reshuffle atop the firm which has seen corporate finance head Davide Bosio join Matthew Blake and Briton Rupert Lowe, the head of British brokerage WH Ireland, on the board.
The leadership team is rounded out by chief executive Cadell Buss, a former chief executive of Peel Thunder Football Club who is credited with tightening Carmichaels' costs since joining 17 months ago.
Carmichaels believes consolidation in the local industry has created more opportunity for a full service broker.
