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.
Quite a few brokers will join me in having egg on their faces following the surprise decision by the Monetary Policy Committee to raise the base rate. This is my story.
The Association of Mortgage Intermediaries has launched its latest factsheet entitled ‘Home Information Packs Update’. It has been prepared as a briefing on the recent developments on the schedule, contents and delivery of the governments HIP initiative.The factsheet, a follow-up to AMIs November 2005 factsheet, aims to provide members with clear information on the recent […]
Mortgage Support Network has confirmed it is not one of the four networks recently forced by the Financial Services Authority to stop recruiting appointed representatives until they get their systems in order. MSN says it continues to recruit ARs and is hoping to add 100 firms to its network over the next year.
Portman has repriced its two-year fixed rates with new products available from Friday August 11 as a result of upward movement in swap rates.It now offers a two-year fixed rate mortgage at 4.69% with an arrangement fee of 999, a two-year fixed rate mortgage at 4.89% with an arrangement fee of 599, and a two-year […]
The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]
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