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Purely Mortgages slashes salesforce

Purely Mortgages has cut its salesforce by almost a half as part of its third financial restructuring in under a year.

Purely, set up in 2004, last week cut 19 of its 45 sales staff in a bid to bring its costs down to a level that will see it make profit on a smaller turnover than originally projected.

The axed staff were not employed by Purely but at an outsourced call centre in Hampshire. Money Marketing has learnt that another two direct employees of Purely have lost their jobs although their positions are not known.

The restructuring reflects the fact that the firm is not taking enough applications to break even although it is believed claims that it needs to take in £80m of applications and is only taking in £40m are exaggerated.

Sources close to Purely have rubbished suggestions by one broker that its conversion rate from application to completion is poor.

Pink Home Loans managing director Tony Jones says: “Businesses have to remain flexible and have to adapt to change in certain circumstances. If you do not, then more serious damage is done. Hopefully, Purely can turn it around in the future.”

Purely declined to comment.

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