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Replacements sought for Concordia trio

Alexander Hall says Concordia will be looking for replacements after three of its five members went into administration in recent weeks.

Chief operating officer Andy Pratt says Concordia, the mortgage distribution group of top London brokerages, remains strong even after the closures of Cobalt Capital, Chase de Vere Mortgage Management and Hamptons Mortgages.

He says: “Alexander Hall and Savills do three-quarters of Concordia’s business anyway, so the group’s business has not suffered too much. Ourselves and Savills will be reviewing our options and will be looking to add the right businesses to the Concordia group.

“London still needs a broker representative and lenders like our unique distribution model.”

This week, both Cobalt Capital and Chase de Vere Mortgage Management closed their doors, following Hamptons Mortgages, which shut down at the start of the month.

Alexander Hall also revealed that it is to shut down its headquarters this week, moving brokers into Foxtons’ branches around the capital.

Pratt says the move is not a reflection of Alexander Hall’s financial position.

He adds: “We made a profit this year, not a big one but the key is we are in profit. Concordia’s strategy is to survive and flourish after the downturn.”

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