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Purely Mortgages restructure leads to job losses

Purely Mortgages has cut 19 of its 45 sales staff in a restructure at the broker.

It is thought the firm is aiming to bring its costs down to a level that will see it make profit on a smaller turnover than originally projected.

The staff that have lost their jobs are not employed by Purely but at an outsourced call centre in Hampshire. An additional two direct employees of the intermediary have also lost their jobs, Money Marketing has learnt, although their positions are not known.

It is understood the changes are because the firm is not taking sufficient applications to break even, although it is believed that reported claims that it needs £80m of applications to break even and is only taking in £40m are wide of the mark.

Purely, which has undergone two previous financial restructurings in the past nine months, is not commenting on the matter at present.

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