Market conditions were blamed for Savills’ decision to close its specialist-lending unit Savills Lending Solution last week.
Mortgage Strategy revealed on August 9 that SLS staff had been placed in consultation.
Rob Jupp, formerly managing director of Personal Touch Packaging, joined Savills in September 2008 to launch SLS.
But in December 2009 all eleven staff members 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 the people in the business – market conditions continue to be very depressed in the specialist market and unfortunately this culminated in today’s decision.”
He also emphasised that all outstanding proc fees would be paid.
Rumours continue about Jupp’s next course of action but he told Mortgage Strategy that for the time being he was planning on spending time with his young family.