Derbyshire cuts 50 jobs and closes three branches

Derbyshire is closing three branches and cutting up to 50 jobs in an attempt to cut costs.

The lender refused to comment on which branches would be affected.

A spokesman for Derbyshire says a consultation period with staff has begun however it hopes to redeploy as many staff as possible.

The news follows a reported a 47% profit drop last week.

Derbyshire’s profit after tax was £8.7m for 2007, which represents a £7.7m drop from 2006.

The lender attributes the drop to exceptional financing costs.