Carrwood makes entire mortgage team redundant

Ramesh Sharma

June 1, 2004

The redundancies apply to the entire mortgage management team, sales advisers and administration staff. With effect from 23 December mortgage services will no longer be available to Carrwood’s clients.

The employee said: “I was employed for 12 months by Carrwood Group. I left B&B and was asked to bring my team with me. All in all eight of us left B&B to join Carrwood Group. The company has now announced that all of the mortgage department has been made redundant. All advisers, admin staff, supervisors and managers. This has left me feeling annoyed and embarrassed. All mortgage staff have been told that on 23 December 2005 their positions are redundant.”

Carrwood confirmed the redundancies but could not comment any further. A spokesperson for Lighthouse said it could not comment as its acquisition of Carrwood was not yet complete.

Lighthouse Group announced its acquisition of Carrwood Barker last month. It will acquire the entire issued share capital of the firm for approximately £3.3 million, payable in new Lighthouse shares. In addition, deferred consideration of up to £1.2 million is pay-able in two tranches in the event that the turnover of Carrwood Barker is not less than £9.5 million in the calendar year 2006 and £5.5 million in the six months to 30 June 2007.

Carrwood Barker has 40 independent financial advisers with offices in Manchester and Milton Keynes and has introducer arrangements with approximately 100 firms of chartered accountants and solicitors.

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