Purely Mortgages sheds 19 staff

Purely Mortgages has shed 19 of its 45 sales staff, the Times newspaper has reported.

The mortgage broker, which is majority-owned by Vincent Tchenguiz, has reportedly told its staff their job losses are part of a restructuring of the firm.

Purely Mortgages has already had two previous financial restructurings in the past nine months.

It was disclosed that the business handles 40m of loan applications each month but to break even it would need to be handling about 80m.

It was alleged that Tchenguiz put 2m into the business to try to keep it afloat and his stake in the company thus increased from 50% to 90%.