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Paragon Group consolidation sees 93 jobs cut
10 March, 2008
Paragon Group has announced the expected loss of around 15 per cent of its workforce following a business restructure.
The Group is to consolidate Paragon Mortgages and Mortgage Trust as part of a business streamlining, resulting in the job losses - 38 of which will be from its mortgage operations.
The two businesses will continue to function under their independent branding, however their sales teams will be merged with Andrew Lees at the helm. Austin Jeffs, the current head of sales at Mortgage Trust, will be leaving the business.
Paragon Group has no debt maturing before 2017 after paying off its £280m corporate facility following the successful completion of a £287m rights issue.
John Heron, director of mortgages, said: "Our staff have been fantastic in growing this business over the years and more recently in dealing with the challenges created by the credit crunch. It is with great regret that we will have to let some of them go.
"Our borrowers and business partners remain bullish about the future of buy-to-let and the private rented sector more generally.
"These changes are being made to ensure that we can adjust our business to the current environment and to position ourselves to take advantage of improved conditions in the future."