Dennis Bailey, the veteran managing director of Hichens Harrison and one of the best known small-cap brokers in London, has left the South African-owned firm amid speculation about the reasons for his swift retirement. Clive McGuire, his board colleague, also departed on the same day.

Paul Boylan, a former Hichens partner and associate of the two men, said: "I can't believe it. I would have said they would never retire. Obviously there must have been some sort of dispute."