View more on these topics

Charcol in £25k deal to keep top salespeople at company

Charcol is understood to be offering its top-perfor-ming salespeople up to £25,000 over two years if they agree to stay with the business as parent comp-any Bradford & Bingley looks to sell it off.

Money Marketing has learnt that Charcol plans to offer its top 20-30 performers – thought to be those bringing in around £170,000 a year – £12,500 up front and another £12,500 in a year if they remain with the broker.

B&B is widely seen by the City to have overpaid for Charcol when it bought it for £100m in 2000 and it could struggle to find a buyer at a reasonable price, especially if too many of Charcol&#39s best advisers leave the business.

B&B said last month that it plans to sell off its non-core operations, inc-luding its estate agency, mortgage brokerage and IFA subsidiaries.

At the time, Charcol general manager Ricky Okey said the sale created opportunities for the staff and it would be easy to deal with staff retention in terms of consultants.

Hamptons International Mortgages broker Jonathan Cornell says the offer is too little too late. He says any salespeople wanting to leave will still go and that £25,000 is not worth much to top-earning brokers at Charcol.

Cornell says: “They are trying to work out how much the business is worth and want people to sign on the line so they have their £250k or £300k coming in each year for the next two years. Without the people, they do not have such a valuable asset.”

Recommended

Increase should be passed on to IFAs – Burns Anderson

Burns Anderson chief executive Ian Parsons welcomes the cap increase as &#39a step in the right direction&#39 but says it remains to be seen if this increase is passed on to IFA professionals, therefore making the product more attractive to sell.He says: “If the increase was passed on it would stand to reason that we […]

£1m stealth rise in lifetime pension limit

The controversial lifetime pension fund has been silently raised from £1.5m to nearly £2.5m after criticism that the new pension regime favours final salary over money purchase. The increase in the limit – by up to £1m depending on the circumstances of the individual – stems from the Inland Revenue responding to criticism that defined-contribution […]

Noble & Company – Enterprise VCT

Type: Venture capital trust Aim: Growth by investing in unquoted companies and those listed on the Alternative investment market Minimum investment: Lump sum £2,000 Closing date: October 27, 2004 Charges: Initial 5.25%, annual 2% Commission:Initial 3.5% until August 31, 2004, 3% thereafter Tel: 020 7763 2200

New Lighthouse division to target corporate pensions

Lighthouse Group is bringing its 50 most expert pension advisers into a new division which will target the corporate pension market. Lighthouse Corporate Benefits will target small and medium-sized firms with a range of employee benefits solutions. Fifty of the firm&#39s advisers – either G60 qualified or with an AFPC qualification – will be jointly […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment