Bellpenny to make back office job cuts

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Adviser consolidation firm Bellpenny is to make a number of redundancies in its operations team.

This week the firm put 51 staff in consultation from its Reading head office and Birmingham office.

The consultation only affects Bellpenny’s operations team, which is made up of 140 staff.

Bellpenny says the majority of redundancies will be made in Reading, where the largest number of employees are based.

Bellpenny chief executive Nigel Stockton says: “We have acquired, and successfully integrated, 32 IFA businesses in the past three years, including 10 in the last 10 months alone.

“This has been a huge operational task requiring a substantial back office team. It should be no surprise that, now we’re a more mature business, the shape of our organisation needs to adapt to our future needs – especially given that we’ll be acquiring fewer, but larger, businesses moving forward.

“The only area of the business affected by these planned changes is the operations team and we are in fact actively recruiting in several other parts of the organisation.”

Former Countrywide financial services director Stockton took over as chief executive in September. He replaced Kevin Ronaldson, who became founder director.

Bellpenny reported a loss of £5m for 2014 in its most recent accounts, almost double the £2.7m loss it made in 2013.