Spin doctors in a spin

Michael Padley, stockbroker and investment analyst-turned-resources sector public relations man, has become embroiled in a bitter brouhaha involving his company, Lothbury Financial Services.

After leaving Bankside PR group two years ago, he formed a new PR company, Lothbury Financial, by merging his team with key players from the fully listed City of London Group, founded by veteran mining PR specialist John Greenhalgh and now primarily an investment company.

Last month, however, City of London, headed by chief executive Eric Anstee, put Lothbury Financial into administration. City of London said that it planned to merge Lothbury into a joint venture with another PR outfit, Hansard Communications, founded by another ex-stockbroker, Adam Reynolds, and once backed by colourful wheeler-dealer Terry Ramsden.

The combative Padley would have none of this. He has marched most of his core team and many of his clients away under the slightly different banner of Lothbury Financial Services.

If the row becomes any more acrimonious, the parties may have to recruit a skilful PR company to plead their cause.