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.”