Mortgage broker John Charcol is to cut its UK workforce by a quarter as a result of the credit crunch.
The firm said its headcount would fall from 275 to 206 in a restructure that will also see the closure of offices in Manchester, Birmingham and Surrey.
While 30 sales profesionals will leave as a result of ‘performance management’, 39 people will be made redundant.
Chief executive Ian Kennedy has left the company to be replaced by founder John Garfield.
The Bank of England yesterday revealed that the number of mortgages approved for house purchases plummeted by 28% in May to their lowest level since it began recording the information 15 years ago.
Just 42,000 mortgages were approved, down from 58,000 in April and 63,000 in March.
Garfield said: “The turbulent and tough times the UK economy is now facing, and the impact on the housing market in particular, will undoubtedly provide opportunities for companies that take the right actions now – and in the future – to ensure survival and profitability.”