View more on these topics

Hipstar chief executive quits


Hipstar’s chief executive Stephen Maskens quit the company last week at the same time as 40% of its staff were given the chop.

The Network Data-owned listed firm confirmed that Maskens had left alongside one other senior member of staff, John McCarthy, and 15 temporary staff. Recruitment has also been put on hold.

The Home Information Pack pro-vider has retained 24 employees and Richard Griffiths, chief executive of Network Data, has taken over Mas-ken’s role until further notice.

Griffiths says: “I had dozens of staff sitting around who weren’t needed. I’ll only need 20% of Hipstar’s workforce from August 1, even if HIPs come to fru-ition, so what else could we do?

“In business there are no certainties and we’re facing up to that. The government’s move on HIPs proved you can never relax.”

He adds: “We don’t know what will happen after August 1, but keeping unnecessary staff is not a viable proposition for any company.”

Jim Gillespie, chairman of the Home Inspectors Organisation, an online forum, says: “The news spread like wildfire on HIP websites and it was obvious the redundant staff weren’t happy. Other providers will have to make redundancies too be-cause the sector is in a mess.

“And what is Hipstar going to do? It’s a franchise, people have spent mon-ey to buy into it, but what’s it going to franchise now?”

Griffiths says: “Hipstar is a wholly-owned subsidiary but franchises out geographical areas for home inspectors to work in. We’ve sold 50% of these areas and are continuing to sell. Those who’ve bought franchises will just have to lump it and wait for August 1.”

Recommended

Merrilly Abbey after for Prust

Merrill Lynch and Abbey are rumoured to have signed a deal to jointly back the new lender being formed by the ex-SPML dream team.As exclusively revealed by Mortgage Strategy last week, Merrill is in the frame to fund the lender, which is being set up by Southern Pacific Mortgage Limited’s former sales and marketing director […]

Henry to head up Money Partner’s secured loan team

Money Partners has appointed Adam Henry as director of secured lending, following a reveiw of its broker business.Henry, previously sales and marketing director for Money Partners will be responsible for the loans sales team, all related broker relationships and all aspects of secured loans marketing and product design and development. Explaining the rationale behind the […]

Bank opens Mallorca branch

Banco Halifax Hispania has opened a branch in Mallorca. The bank, which has 21 branches across Spain, will open other branches away from the mainland this year, in the Canary Islands and Menorca.

Brian Pitt joins TFC

TFC has appointed Brian Pitt to prepare for the next stage of development in the distribution market place. Pitt was formerly a director at Beacon Homeloans and a consultant at Kensington Mortgages.He left the latter role after the lender ignored his advice to enter into the commercial sector. Andrew Brown, managing partner at TFC, says: […]

Newsletter

News and expert analysis straight to your inbox

Sign up