Andy Pratt, chief operating officer of Alexander Hall has also revealed that the mortgage brokerage’s sales director Tony Cardiff left the firm last week and will not be immediately replaced.
Pratt says: “It was always our strategy to close our Lombard Street office when the lease expired. The staff will be redeployed to Foxtons’ regional offices which will give us better regional coverage.”
He is confident about the future of the brokerage because it has the backing of parent company Foxtons.
He adds: “The model has been proven to work. Cash is king at the moment and we have the backing of Foxtons.”