Adverse market conditions force SLS to shut shop

Savills Lending Solutions blamed market forces as it officially closed its doors on Friday.

Mortgage Strategy revealed on August 9 that SLS staff had been placed into consultation.

Rob Jupp, formerly managing director of Personal Touch Packaging, joined Savills Private Finance in September 2008 to launch SLS.

But in December 2009 all 11 staff at the packager were placed into consultation, which at the time was blamed on a lack of funding and lenders withdrawing from the market.

Jupp says: “It’s a sad day for people in the business. Market conditions continue to be depressed in the specialist market and unfortunately this culminated in today’s decision to close SLS.”

He emphasised that all outstanding proc fees would be paid.