Julian Ingall, director of Cobalt Capital, says: “It’s a very sad day for us, we have worked to establish the company as one of the leading mortgage brokerages in the UK. Unfortunately the well documented market conditions and some internal politics have taken their toll.
“We have no other option but to place the firm into administration. I would like to thank all of our staff for working through difficult market conditions and for the support from our introducers and brokers.”
Andrew Montlake, partner at Colbalt Capital confirmed the news in his Mortgage Strategy blog today, he says: “Sad days all round as I, like the rest of Cobalt’s brilliant staff, have just been made redundant.
“You may ask what we are all planning to do now, and well, like everyone else I will be reviewing my options. However I have a pretty clear idea of what I would want going forward.
“I feel honoured to have worked closely with some real professionals in the mortgage industry, and my thoughts go out to all of those who are struggling to make an honest living against a strong undercurrent of bad news trying to drag people down.
Speaking about his colleague Julian Ingall, he says: “I have seen how hard he has worked to try to do the best for all the staff and I thank you for your honest endeavours. There are no hard feelings there and your personal backing will always be precious.”