Tough conditions force HML to axe more than 100 jobs

More than 100 jobs are to go at HML as part of a staff review in light of market conditions, the company has revealed.

Staff at the third party servicer, owned by Skipton Building Society, were informed last Monday of the decision that will affect 5% of the 2,000-strong workforce.

A 90-day consultation period for employees is due to start on March 31, with the roles affected to be identified in April.

A spokeswoman for HML says: “We are a successful business but we need to act now to right-size the company so we can build the next generation of third party servicer.

“We would have expected natural attrition to occur in normal market conditions but these are not normal conditions.”

HML has around £50bn of assets under management and is based in offices in Skipton and Scarborough in Yorkshire, Padiham in Lancashire, Glasgow and Londonderry.

Skipton has recently concluded a consultation with staff which was announced in January. It has resulted in 89 employees being made redundant, 13 of whom took voluntary redundancy.

Skipton says its redundancies are not connected to HML’s decision.