InterBay plans to axe up to 25 jobs

InterBay is to axe up to 25 jobs despite record levels of business over the past month. The specialist commercial lender says that worsening market conditions have led to its decision. The cuts will be made across the company and all departments are expected to be hit.

Staff have now entered a 30-day consultation period. Colin Bell, managing director of InterBay, says: “It’s not an easy thing we’re having to do. What we want to do now is protect the business in the long term. To do that we have to make a number of changes. That’s likely to lead to staff being reduced.”