Duffy and Glithero fall foul of liquidity crisis

Kevin Duffy, managing director of Robert Sterling and Mark Glithero, managing director of Lexicon Surveying Services, have both fallen victim to the liquidity crisis and been made redundant from parent The Lexicon Group.

The two managing directors are amongst a number of redundancies announced by the group today and follow a staff cost-cutting exercise of some £0.5m over the past six months.

It is thought that Duffy and Glithero may have been put on gardening leave for the next three months. Neither were available for comment today.

Mike Maddin, Lexicon Group managing director, was unavailable to comment.

Alan Cleary, managing director of edeus, adds: “The liquidity crisis is having an impact on all businesses in the mortgage chain. Duffy and Glithero are both very experienced and well liked professionals.

“Managing director Mike Maddin and CEO Les Beach will have had to have made some very tough decisions and the seniority of these redundancies shows that no one is immune from market conditions.”

The Lexicon Group is a network of companies that interlink each other across the entire property spectrum. It offers a nationwide service from estate agency, property management, surveying services and property development and investment.

Robert Sterling is well known in the industry for its versatility, diversity and strong regional characteristics. From Cumbria to Manchester and Coventry to London Robert Stirling and its affiliates produce some 1,000 applications per month.

Lexicon Surveying Services began trading in 2003 and over the past five years has expanded across England and Northern Ireland. It employed some 80 surveyors.

The group also comprises WJ Meade Estate Agents, Lexicon Mortgages & Investments, Lexicon Energy, Nickel Holdings, Phase 4 Developments, Lexicon Commercial, Robert Sterling Select Financial Services and Ceder Park Nursery.