Victoria Mortgages’ administrator KPMG says it has been unable to find a buyer for the lender.
A spokesman for KPMG says as a result 50 of Victoria’s staff will be made redundant, with only five employees remaining.
This comes after the administrator said it would be finalising buyer talks over the weekend.
It says that it is still in the process of trying to complete a sale for the rest of the £300m mortgage portfolio remaining. The spokesman says that this is less than half the original amount.
The spokesman says that he cannot provide any further details at the moment.