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Paragon may cut £10m at Mortgage Trust

Paragon is set to wield the axe in a bid to make around £10m in cost savings at its newly acquired subsidiary Mortgage Trust, formerly Britannic Money.

An analyst&#39s report produced by Teather & Greenwood after Mortgage Trust was acquired by Paragon says the firm indicated it should be able to cut £10m from Britannic Money&#39s £24m 2002 operating costs.

This is the latest in a series of upheavals for Mortgage Trust since its acquisition by Paragon in July, with its flagship product, the current account mortgage, under review.

Chief executive Tony Ward left Mortgage Trust soon after the acquisition and finance director Paul Rogers will be leaving the company later this year.

Although Paragon would not confirm or deny the costcutting figure of £10m, it said the figure was not unreasonable. Head of marketing Deborah Bateman says: “We only bought the company a month ago and are currently reviewing everything. I cannot confirm a figure of £10m but it is not unreasonable.”

Teather & Greenwood analyst Martin Cross says he believes a figure of £10m is still accurate.

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