Terry Pritchard, majority shareholder at Chase UK, says the company needed to be closed as a result of its inability to adapt its culture to the current market.
He says: “There will be survivors of the current tough times but Chase UK is an example of a company that’s culture couldn’t adapt quickly enough to the changes in the market. Obviously that’s not the story for everyone.”
As a result of the closure 10 employees will be made redundant. But the decision was made in recent weeks to stop accepting new business and so only pipeline cases remain.
A percentage of these cases have been taken on by em-financial, which features on many of the same panels as Chase UK.
Roger Morris, managing director of em-, says: “Following a decision this week by the shareholders at Chase UK to close down the business because of market conditions, it has entered into an agreement with em- to service a percentage of its pipeline business.
“The arrangement will see em- process the pipeline business to ensure Chase UK’s broker clients are treated fairly.”