Wealth boutique Saranac Partners racked up another loss in 2019. The firm said the coronavirus pandemic may stymie its path to profitability.

Saranac posted a £9.6 million loss in 2019, an improvement on 2018’s £13.2 million pre-tax loss.

Revenue increased more than three-fold, from £1.7 million in 2018 to £7.4 million in 2019.

Costs increased 14 percent to just over £17 million. Employee costs also rose by 14 percent or £1.6 million to £12.5 million, while there were significant jumps in ‘other general expenses’ and the depreciation of right-of-use assets. The firm employed an average of 45 peopl...