Southbank Investment Research, the publisher behind Nigel Farage’s financial newsletter, has successfully obtained a £1.5 million injection of funds to prevent a potential collapse, following a near £1 million loss last year.

In their latest filings, Southbank reported a pre-tax loss of £922,601 in 2023, with liabilities surpassing assets by over £6.2 million.

For the second consecutive year, auditors at Clinton Higgins have voiced concerns regarding the company’s future, stating there is “material uncertainty, which may cast significant doubt about the company’s ability to continue as a going concern.”

Southbank publishes a variety of email newsletters and podcasts, including The Fleet Street Letter, which is spearheaded by Farage and aims to deliver “insight and intelligence from within the markets and corridors of power.”

During the year ending December 2022, the company experienced a decline in turnover of over 50%, dropping from £6.7 million to £2.9 million, while total losses increased by 50% from £606,526.

Ultimately owned by Agora, a Cyprus-based holding company run by Argentinian businessman Francisco Costas, Southbank took out a loan from another group company with an outstanding balance of £1.48 million at the end of last year. Agora has committed to provide financial support to cover all liabilities for at least the next 12 months.

In response to its financial challenges, Southbank’s directors have enacted an improvement plan that includes diversifying their offerings and discontinuing some unprofitable publications. The workforce was reduced from 37 to 16, significantly lowering the wage bill from £2.2 million to £1.2 million. The board has expressed a “reasonable expectation” that the company will have the resources to sustain operations “for the foreseeable future.”

Farage, who previously worked as a commodities trader before joining Southbank Investment Research in 2020, has not contributed to the publication since becoming MP for Clacton in July. His last newsletter, released in November 2023, was titled How net zero gives the green light to a new slave trade and mass pollution.

While asserting that he does not offer personal investment advice, Farage is portrayed on Southbank’s platform as “arguably the most influential British figure of the last half-century… with a savvy ability to identify significant changes on the horizon.”