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c2-Financial eyes staff axed by Purely Mortgages

c2-Financial says it is eager to employ some of the 19 staff that have been axed by Purely Mortgages.

Last week it was unveiled that the brokerage, partly owned by Vincent Tchenguiz, shed 19 of its 45 sales staff as part of a restructuring of the firm.

The 19 staff worked at the Agilisys contact centre on behalf of Purely Mortgages.

The company has al-ready allegedly had two financial restructurings in the last nine months.

One industry source says the reasons for Purely shedding its staff could be due to insufficient business or over-staffing.

The source adds: “Purely’s business model is floundering and it has consistently downsized and moved away from its fees-free model.”

David Wylie, group chairman at c2-Financial, says: “It is sad when companies are forced to make redundancies in this way and we will do everything we can to offer positions to those affected.

“We have attempted to contact the HR department but have not been able to get through. We have also received CVs from some of the 19. The market is competitive and it is important companies run in an efficient manner and keep an eye on expenditure and debt.”

Purely, which is be-lieved to handle 40m of loan applications each month, made a pre-tax loss of 2m in December 2004.

Mark Harris, managing director of Savills Private Finance, says: “Purely is a fairly new business and success does not necessarily happen straight away. All sorts of things can go wrong with start-ups. Whether Purely can overcome this I cannot say.

“Purely’s business model is comparative to London & Country’s. L&C has an established business but Purely has not achieved this yet and is susceptible to problems.”

Mark Chilton, chief executive of Purely, was unable to comment.


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