Finance firm to axe 80 more posts

The subsidiary of Skipton Building Society said the redundancies were necessary following a sharp reduction in the number of mortgage arrears it manages on behalf of clients.

HML administers sub-prime and specialist mortgages worth a combined 45bn on behalf of 30 lenders and investors.

In April, it announced plans for 164 redundancies. In total, the firm's headcount will have reduced this year from more than 2,000 to 1,800.

Neil Warman, chief financial officer, said: "Arrears are reducing, the market is now changing and, as a responsible business, we need to ensure we are the right size and shape to grasp future market opportunities.

"Following a review of the employee numbers needed to deliver services to our clients, we have regrettably made the decision to reduce capacity by 80 roles across our operations.

"We haven't taken the decision lightly and do understand the personal impact on employees. We have put in place extensive support for those affected and will also be seeking to make some of the reduction through career breaks, reduced hours and redundancies."

Forty-five of the jobs at risk are in Derry, while the remainder are across HML's Padiham, Glasgow and Skipton sites.