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John Charcol cuts 69 jobs and closes offices

John Charcol has axed 69 of its 276-strong workforce and closed three UK offices as part of a restructure which has seen its directors pump further money into the firm.

As tipped by Money Marketing last month, Charcol has confirmed that chief executive Ian Kennedy has left the firm.

Finance director Nigel Ward has also been made redundant.

The restructure of the broker business will see 39 people made redundant, with a further 30 staff leaving as a result of a programme of performance management in the sales divisions over the last month.

Charcol has closed offices in Birmingham, Guildford and Manchester. A spokesman refuses to rule out any further job reductions and office closures.

This comes after Charcol’s private-equity shareholder Advantage Capital sold its 15 per cent stake to the company’s founders in May for an undisclosed sum after a sale of the broker was ruled out.

Money Marketing revealed in March that directors John Garfield, Charles Wishart and Jon Moulton had paid £1.5m to plug a hole in the broker’s accounts at the start of the year after auditor KPMG warned of the “material uncertainty” of the broker firm continuing as a going concern.

Garfield says: “John Charcol will continue to take whatever actions are necessary to meet these objectives.”


Darling increases savings protection

Chancellor Alistair Darling has proposed raising the compensation limit for savers with deposits in failed banks from £35,000 to £50,000 but a Treasury consultation paper stops short of recommending pre-funding for the Financial Services Compensation Scheme.

0.9% Dip in house prices

House prices fell by 0.9 per cent in June, taking them 6.3 per cent lower than at the same time last year, according to Nationwide. Prices are still 4 per cent higher than two years ago.

Woolwich warns on fast-track abuse

Woolwich is warning that it will take action against mortgage intermediaries who abuse its fast-track process. The lender says it will not hesitate to provide details to the FSA for investigation where necessary.


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