Maddin says layoffs are a necessary evil

Mike Maddin, chief executive officer of the Lexicon Group, has branded the redundancies of Mark Glithero and Kevin Duffy a necessary evil.

As Mortgage Strategy Online exclusively revealed last week, Glithero, managing director of Lexicon Surveyors, and Duffy, managing director of Robert Stirling, the group’s brokerage, became the latest casualties of the liquidity crisis engulfing the market.

Speaking exclusively to Mortgage Strategy, Maddin says he has been forced to restructure the group to maximise market opportunities and adds that he intends to take over the management of the surveying and broker businesses.

He says: “It’s unfortunate and sad that we have had to part company with Glithero and Duffy. The group has had to take some brave decisions in order to restructure.”

Maddin insists there are numerous business opportunities in the mortgage market for a more focussed and streamlined operation, despite the money markets being gridlocked.

The Lexicon Group also comprises WJ Meade Estate Agents, Lexicon Mortgages & Investments, Lexicon Energy, Nickel Holdings, Phase 4 De-velopments, Lexicon Commercial, Robert Stirling Select Financial Services and Ceder Park Nursery.