Staff at Beacon Homeloans in consultation
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Staff at Beacon Homeloans have been placed into consultation.
Clive Wilson, sales director at Beacon Homeloans, says it has placed an undisclosed number of staff in consultation as it reviews the business.
He says: “We’re still deciding the future of the business and looking at our options. We are being realistic about our position in the market.
“We are continuing to have talks with potential funders and we have been doing so since the beginning of the year, but the market is difficult at the moment.
“There have been a few new lenders that have launched recently which is encouraging, but its still hard to secure a traditional funding facility.”
Beacon Homeloans ceased new lending in November 2009 as it awaited new funding.
In 2009 it was estimated that based on sales volumes Beacon Homeloans was the UK’s 11th largest lender.
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Readers' comments (6)
Anonymous | 11 Aug 2010 10:39 am
The market for unsecured lending is unikely to recover, to hang on this long is an acheivement - secured lending is the only sector that will cling on....
It's sad to read these sort of headlines...
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Milo Holmes | 11 Aug 2010 10:53 am
It is really sad to hear this news, I have worked with the staff at Beacon and have always been impressed by how professional and efficient they have been.
I only hope that the management team will obtain funding but if not wish them all the best in their new ventures.
I know Mark Abbott and Andrew Townsend will have done everything in their power to help the business move forward
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P Harper | 11 Aug 2010 3:25 pm
Come on Beacon pull your finger out and sort the funding we brokers need companies like you
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Cedar Mortgage Services (Now - Wetherbys Estate Ag | 11 Aug 2010 9:31 pm
I imagine that Beacon will keep an eye on the comments. Although I would love to phone, I just don’t have the time as this recession has thrown me into new and exciting ventures. Beacon was SPECIAL. For what its worth, it’s a shame, however it was inevitable. Most lenders take years and years to become know within the Market place. Clive Wilson and ALL THE STAFF at Beacon made Beacon the success story that we know today within just a few years. Good Luck and most importantly, THANK YOU for giving me and a lot of other packagers a chance. Especially………, thanks for giving me a chance. Jash
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Anonymous | 12 Aug 2010 10:19 am
Further to Cedar mortgages comments I just want to add my thanks to Beacon and the staff, would be good if other brokers and packagers place their thanks here and show the support for the lender in trying to find new finance
THANKS
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Rob Jupp | 12 Aug 2010 11:35 am
Don't write Clive,Andrew and their teams off just yet. This is not definately curtains for the team and all they have done is what the regulator requires.
Beacon are immense as are the people that run it. On that basis it is definately not over for them and good luck in nailing the funding that you deserve.
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