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John Charcol cuts 69 jobs as directors pump in more cash

John Charcol has confirmed that chief executive Ian Kennedy has left the firm, as the mortgage broker announces 69 job cuts.

John Garfield has taken over as chief executive and has cut 25 per cent of jobs over the last month, including 39 redundancies and the loss of 30 sales positions.

Garfield has also closed offices in Birmingham, Guildford and Manchester following its strategic review announced at the start of 2008.

The conclusion of the company’s restructure follows a substantial but undisclosed amount of investment from founders John Garfield and Charles Wishart, as well as significant shareholder Jon Moulton.

Garfield says: “The turbulent and tough times that the UK economy is now facing, and the impact on the housing market in particular, will undoubtedly provide opportunities for companies that take the right actions now, and in the future, to ensure both survival and profitability. John Charcol will continue to take whatever actions are necessary to meet these objectives.”

The Group will continue to operate its intermediary business John Charcol, and its direct arm Charcol.

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