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Cobalt goes into administration

London broker Cobalt Capital has confirmed that it has shut its doors as of this morning.

The brokerage has been the subject of much speculation over recent weeks, but has admitted that it has finally gone into administration

Director Julian Ingall says: “It’s a very sad for all of us who worked so hard to establish Cobalt Capital as one of the leading brokers in London. Well documented market conditions and some internal politics have taken their toll and we have been left with no alternative but to place the firm into administration.

“I’d like to thank all the members of staff who have put up with some incredibly difficult conditions, and the lenders and the introducers who have continued to support us.”

Cobalt Capital partner Andrew Montlake wrote on his blog: “I feel honoured to have worked closely with some real professionals in the mortgage industry, and my thoughts go out to all of those who are struggling to make an honest living against a strong undercurrent of bad news trying to drag people down.

To Julian Ingall, I thank you for your honest endeavours. There are no hard feelings there and your personal backing will always be precious.”

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