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Packaging sector hit by job cuts
The packaging sector has suffered a series of blows after a number of firms announced job losses.
Mortgage Next Packaging, Solent Mortgage Services and All Types of Mortgages (AToM) all said they would be placing staff on consultation periods.
Mortgage Next Packaging said it was cutting 11 jobs and that co-founder and marketing director Justine Tomlinson would be leaving the business.
Martin Maynard, chairman and co-founder of Mortgage Next, said: “The sudden downturn in the non-conforming market has left Mortgage Next with considerable over-capacity in our packaging department. We do not anticipate a quick revival of fortunes in this sector and therefore have no option but to re-align our processing capacity.”
Elsewhere, Solent Mortgage Services said it would be going into redundancy consultation with 19 staff at its offices in the North West and the Midlands, while AToM said it would be entering consultation with an unconfirmed number of staff.
Paul Brett, director at FastCom Packaging, said:
“If you look at when the credit crunch hit, there was still pipeline business coming through. By October, levels dropped but the cushion of pipeline business lasts roughly three months. By January, there will be a lot of packagers concerned about cashflow.”
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