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Purely prunes numbers

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

Purely, set up in 2004, cut 19 of 45 sales staff in a bid to bring costs down to a level that will see it make profit on a smaller turnover than originally projected. The staff were not employed by Purely but at a call centre in Hampshire.

Money Marketing has learnt that another two employees of Purely have lost their jobs.

The restructuring reflects 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.

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.”


Firm aims to help advisers make the transition to fees

FP Advance has set up a business consultancy practice which offers help to advisers looking to move towards a fee-based model. The firm says it will offer specialist advice and training to advisers, networks, nationals and wrap or product providers looking to support fee-only practices. FP Advance, formerly operating as FP Transition, says with the […]

Burke adds blue chips to UK aggressive fund

Invesco Perpetual UK aggressive fund manager Ed Burke has more than doubled his large-cap exposure in the last year, He has added Royal Dutch and Shell, BT, Rio Tinto, Barclays, HSBC and ICI to his top 10 holdings, saying he is finding better value in large caps than small and mid-caps. The fund holds 24 […]

Base line tactics

Borrowers on tracker mortgages have already seen their monthly payments rise after the Bank of England’s quarter-point increase in base rate.

AIG Direct delays cancer cover

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