HML still proves a ratings winner

HML, the financial outsourcing firm, has retained its above average rating from Standard & Poor's. The international ratings agency said the Skipton-based company has the operational capability to diversify its business.

By The Newsroom

Published 20th Aug 2010, 21:18 BST

Updated 20th Aug 2010, 21:18 BST

HML currently manages 45bn worth of sub-prime mortgages on behalf of 30 clients, but chief executive Brian Brodie has said HML is pursuing the 150bn legacy market, which are mortgages accumulated by Britain's big high street lenders before the financial crisis. S&P said: "HML has recognised the importance of attracting new clients."

The company announced yesterday that it has appointed Gary Talbot as director with responsibility for helping ensure the smooth entry and management of new client work.

HML has had to take some difficult decisions this year, which is expected to lead to around 200 redundancies among the firm's 2,000-strong workforce.

David Cutter, chief executive of parent Skipton Building Society, said last month that HML made a small loss in the first half of 2010, but this included restructuring costs.

Britain