Paragon has announced extensive restructuring at Britannic Money, renamed Mortgage Trust. It will be combining duplicated functions at the Group's head office in Solihull for all but the staff involved in new business originations. This will mean up to 160 redundancies in Epsom over the next three months. Paragon anticipates 70 new positions in Solihull, and says that about 60 positions will be retained, primarily in the new business area in Epsom.
Paragon says these remaining 135 positions will relaunch and develop Mortgage Trust, focussing on buy to let products for landlords developing their portfolio.
Mortgage Trust will be headed up by John Heron, Paragon's Group Director of Mortgages.