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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.”


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