North makes 2012 loss after investing in model portfolio service

North Investment Partners has reported a loss of £389,860 for 2012 after upping investment into its Wealth Solutions service.

The loss, which follows a £119,587 profit in 2011, came despite an increase in turnover, which rose from £1.14m to £1.21m over the same period. Cost of sales rose from £161,000 to £341,000, while a more significant cost increase came from administrative expensives, which rose from £825,000 to £1.3m. North chief executive John Husselbee (pictured) said the headline loss was due to the firm's focus on expanding its model portfolio proposition. The Wealth Solutions service launched two years ago; the firm has been heavily focused on it for the past 18 months. Husselbee said: "The l...