Savills Lending Solutions has today entered a consultation period with its eight employees, citing continued difficult trading conditions as the reason for the move.
SLS has not placed a time limit on the consultation process and says it will take as long as is necessary. Money Marketing understands staff at the Southend-based packager have been subject to two similar consultation periods in recent years.
Speaking to Money Marketing, Savills Private Finance director Simon Jones says: “It is a sensitive time. I am particularly concerned about the impact on the people involved.”
Savills Private Finance bought the mortgage packager from PTP Homeloans in September 2008. Prior to this the packager belonged to Personal Touch Financial Services.
The mortgage packager’s parent company, Savills Private Finance, recorded a pre-tax loss of £1.3m for the year ending December 31, 2009, following a loss of £1.9m the previous year.