Nutmeg losses hit £9.3m as it develops advice arm

Has hired 15 staff

Nutmeg saw losses deepen to £9.3m in 2016 as the firm is developing an "advisory proposition", its latest annual report showed.

Losses at the investment firm increased 4% on the previous year, when it posted a loss of £8.9m. Although turnover increased by more than £800,000 in the year, from £1.7m in 2015 to £2.5m, expenses also soared to £1.2m, the accounts showed. Nutmeg CEO Martin Stead said the firm had "grown significantly" in 2016 and was looking to further develop its service, particularly its digital advice proposition. Advice arm The firm had raised cash assets from £8.9m in 2015 to £27m by the end of 2016 through issuing share capital. Stead said this would be used to finance the advice arm. ...