Julian Ingall, director of Cobalt, said last week that market conditions and internal politics had taken their toll on the brokerage.
The market was left reeling after fellow London brokerage Chase de Vere Mortgage Management also revealed it was shutting its doors after 27 years. Simon Tyler, former managing director of Chase de Vere, is to launch his own firm, Tyler Mortgage Management.
Tyler says: “The new firm will not have an office and staff will work from home. This will cut costs until volumes pick up.”
Meanwhile, Alexander Hall has announced that it will close its head office on Lombard Street in the City. The firm maintains this is due to the lease expiring not the downturn.