View more on these topics

50 Staff will lose jobs as Victoria fails to find buyer

Victoria Mortgages has confirmed it will be making 50 employees redundant after its administrator KPMG failed to find a buyer for the lender after several weeks of talking to interested parties.

The move comes as Unity Homeloans has admitted it will be cutting jobs after its board took the decision to restructure the business and outsource administrative and client support functions.

Victoria and Unity Homeloans were among the first non-conforming lenders to withdraw from the sub-prime market at the beginning of August.

Victoria announced it was entering administration last month and despite KPMG not being able to find a buyer, the lender says it is still trying to complete a sale for the remainder of its £300m mortgage portfolio.

Unity, which was previously funded by Investec, said last month that it would definitely be returning to the market, with Investec once again as its backer.

Em Financial managing director Roger Morris says he does not understand Investec’s current strategy after it took the decision to refocus Kensington on the prime sector.

He says: “It seems that Investec is attempting to move away from the packaging market. Kensington seems to be going down the direct-to-broker channel and I do not really know what is happening to Unity Homeloans.”

Recommended

Competition between CII and IFP is healthy sign

I am not sure that Phil McGovern is being entirely fair (MM, October 4) to Julie Lord in respect of her recent article about certified and chartered financial planner status. I actually don’t think it is a competition between the CII and IFP as far as these exams are concerned. In fact, quite the opposite […]

The spotlight is on Norwich Union

I’m sure you’re all eagerly anticipating Chancellor Darling’s Pre-Budget Report, due to be delivered hand in hand with the Comprehensive Spending Review at 3.45pm today, but first take some time out to get on top of this week’s protection news.

RBS consortium wins battle over ABN Amro

A consortium led by RBS is set to buy Dutch bank ABN Amro after Barclays withdrew from the bidding war last week.Around 86 per cent of ABN Amro’s shareholders have accepted a 71bn euro($98.5bn; £49bn) offer to clinch Europe’s biggest ever banking takeover.The RBS consortium, which also includes Dutch bank Fortis and Spain’s Santander, is […]

Neptune’s Burnett looks beyond Greece

Watch Rob Burnett, manager of the Neptune European Opportunities Fund, discuss the Greek bailout deal and its potential implications for European equities. In the video Rob discusses: Why, with the Greek crisis receding, markets can now focus on Europe’s strong fundamentals The resilience of European markets and why the recovery is on a solid footing […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment