Talk is rife in the shipbroking world about the future of ex-Braemar sale-and-purchase head Sebastian Davenport-Thomas, who left the firm abruptly last week.
Davenport-Thomas is described by his peers as among the best handful of S&P brokers in the market; some even rank him in the top three.
Speculation is running hot as to which shop he might move on to, with Simpson Spence Young topping the rather short shortlist of favourites.
Fellow brokers in S&P said the 52-year-old’s standing is such that it would need to be a position at a director or similar level, and possibly not in a listed entity. But they also pointed out that joining established shops with experienced hands in place can ruffle feathers on desks.
Market players may have some time to wait.
Davenport-Thomas, who did not respond to TradeWinds on his departure, appears to have gone to ground, with some associates making unsuccessful efforts to reach him.
He is said to be on gardening leave, which will probably run for at least six months and possibly up to one year, those with knowledge of the company’s contracts said.
One said the senior broker is likely to be unable to speak about his situation even if he wanted to, describing his position as “muzzled”.
Braemar confirmed to TradeWinds on Friday last week that Davenport-Thomas had left the company late the previous day after being employed there for 30 years. The company told staff it was part of a wider restructuring.
The London-listed brokerage is the subject of a probe into unspecified transactions dating from 2006 to 2013, which has resulted in the suspension of its shares since 3 July 2023 and the pushing back of results reporting into October.
Golden goose
One broker pointed to the wording on the internal email, announcing Davenport-Thomas’ departure to staff that began with the words “It is with great sadness…” as a reflection of the brokerage’s regret in seeing such a senior member of staff depart.
“They [Braemar] are gutted,” he said.
Another Braemar watcher with knowledge of the company’s current situation commented: “They have sacrificed the golden goose.”
Davenport-Thomas attracts high praise — something not always forthcoming in broking circles — and his departure is seen as leaving a void at Braemar.
He is almost universally described as “charming”. Others speak about him being a “multi-tasker with a good work ethic” and “a decent bloke”.
He had been a Braemar lifer, joining the brokerage as a trainee and taking over as head of S&P in 2006, when Andi Case jumped ship to rival shop Clarksons — a company he now heads.
People who have worked with Davenport-Thomas said he needs a team around him but suggested he could shine in a different environment.
They also referred to him as “a saver, not a spender” and said he may not need to rush into a new role.
