"The group has become burdened by excessive central costs and administrative routines that hinder rather than assist client service," List said. "These savings will not involve a reduction in the number of fee earners in the group nor in a diminution in the comprehensive services provided to clients. The principal objective remains to attract high quality fee earners to the existing team.
And he also promised further significant savings over the next two years from a rationalisation of Chesterton's surplus property portfolio.
The move came as Chesterton unveiled trading figures for the six months ended 31 December, 2002 --before List and Back took office--that underlined its continuing problems. Although turnover was up 7% turnover to £85.5 million ($137 million) the operating loss was £2.7 million ($4.3 million) only slightly down from £2.9 million ($4.6 million) a year previously.
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