Broker Blue Oar is changing its name to Astaire after losing £16 million.

Broker Blue Oar is changing its name to Astaire after losing £16 million.

Blue Oar, controlled by co-founder Edward Vandyk’s Evolve Capital investment vehicle, is refocusing on institutional broking and private client asset management, following departures from its corporate finance team. Originally founded as Corporate Synergy, the company, which bought long-established broker Astaire last year for £1.7 million, lost an underlying £3.3 million before asset impairment charges last year, against a previous £3.4 million profit, on turnover down 22 per cent to £13.4 million, and ended 2008 with nearly £14 million cash.

Vandyk, who had been at odds with the strategy of Blue Oar’s former boss Andrew Monk, envisages a challenging 2009, with some improvement in the second half-year. Future changes could involve a de-merger of the company’s Rowan Dartington private client side after markets have improved and its assets built up.

At 4.75p, down from 29.5p in 2006, Blue Oar’s shares value the company at nearly £8 million.