Sue Preskey, managing director of island private bankers Duncan Lawrie, has spoken for the first time of her sadness over the business being wound down.

The forthcoming closure means 39 full time members of staff in both the bank and the fiduciary services company are losing their jobs.

Mrs Preskey, who has vowed to stay at the helm offering her support for staff and clients, praised the team for their professionalism at a sad time.

Mrs Preskey, a 50-year-old mother-of-two, had spoken just over a year ago about her excitement and plans for the future as the bank underlined its commitment to the island and planned to branch out to a wider audience.

But last December parent company Camellia Plc made the shock announcement it was pulling out.

Scots-born Mrs Preskey has now confirmed to Business News 39 people are losing their jobs, along with herself, at Duncan Lawrie, at Mount Havelock, Douglas.

She said: ’Effectively Camellia, the parent company, following a strategic review of the business, decided that the business would require further investment for it to carry on and be competitive and for whatever reasons they decided they did not want to make further investment.

’So there was an announcement made to the market on December 19 and that’s when it became public knowledge.

’There was no certainty about what was happening until then because it was a strategic review that we were not a party to.

’The plan is that we have been working very closely with our staff and with our clients for an orderly wind down

of the business.

’Along with the regulator, all have been very supportive so that we can assist clients in finding alternative homes for aspects of the business they have, and also to assist the staff in finding alternative employment.

’The first quarter of this year has been very much communicating with our clients on an ongoing basis to make sure they are assisted in finding somewhere. [to take their business]

’Many are international clients and we are sympathetic in helping them.

’We have been working with staff to see they are supported through [such things as] additional training, rewriting of CVs and a placement programme we have gone through with Sue Gee who is well known in the island.

[Sue Gee is managing director of TLC Business Solutions].

’She has been great in taking them through this path and to help them be in a position to look for other roles, which many have actually secured now.’

Mrs Preskey said that the 39 losing their jobs come from within the bank and the fiduciary services business,

She said that being a private bank they don’t have a huge client base but it is one ’we know very well.’

Mrs Preskey said that there were about 750 customers from the Isle of Man itself.

Asked when the final closure will take place Mrs Preskey said: ’That very much depends on when we can wind everything down, so that all clients are all sorted and the regulator is happy with where we are etc.

’We are planning that most of our team and staff will have left by the end of June or the beginning of July.

’A small core function will probably be staying on for a few more months to just wind down things down, the usual housekeeping stuff. That’s the plan. However, it does depend on doing everything we need to do. For some people it will take longer than others. It’s [a case of ] being sympathetic.’

’We’re phasing things as business areas close down over a number of months.

’We have a number of staff leaving at the end of April, begining of May, and again they have found new roles.’

Mrs Preskey confirmed she was originally brought in to look at expanding the business and helping it to be more outward looking.

Duncan Lawrie has had a presence in the Isle of Man for around three decades.

She said: ’We were looking at increasing our lending and investments, the deposit suite and so very much looking to supporting the island more.

’At that time our parent company had confirmed they were very keen too to invest. However things change.’

Mrs Preskey has vowed she will stay at the business for as long as she can to help support her colleagues.

’I want to be here for as long as I can supporting staff and our clients and whilst we are still actively doing that I will be still here. That’s my role, my job and I want to be here for as long as I can be.

’And after that then I will be looking for something else in the island. I’ve been here for 30 years in the island.

’Island life is great, my family have been brought up and educated here .

’The island has been fully supportive of us and the opportunities it has given us.’

Talking generally she acknowledged business life has changed in recent years.

’It’s a wholly different environment.’

She has always worked within financial services, banking and investment and the regulator,but she says she now has an open mind about her future career.

She said: ’Maybe some change will be needed in what I do but we will wait and see.’

She agreed there was sadnes at what was happening but added: ’We are a fairly hardy bunch.

’But unfortunately working in the island, because of the number of consolidations and things thathave happened here, we have all been exposed in some way to either friends, family or ourselves to redundancy.

’We understand that is part and parcel unfortunately of life in the UK, here in the Isle of Man and worldwide.

’So yes we have been upset because it is a small team and we need to make sure we can support and trust each other.’

She said friendships had been forged among the team.

’It is not just the business going, which is hugely sad, because we were enjoying the change of what we were trying to do.

’It’s a small island, it’s a transient population within the business community.’

She predicted some of the team may end up working together again and she is full of praise for everyone in all the different positions and roles they have held. ’I can’t speak too highly about the way the team have worked and behaved. It’s a real credit.’

l Last month Canaccord Genuity Wealth Management UK & Europe announced it was acquiring client portfolios currently managed by Duncan Lawrie Private Banking in the island.

Canaccord Genuity Wealth Management was expected to acquire more than 100 client portfolios in its Isle of Man business, of which 62 per cent will be discretionary and 38 per cent execution only.

The acquisition is subject to approval from the Isle of Man Financial Services Authority.