Kensington Mortgages is set to make redundancies across the business in light of recent credit market conditions.
The restructuring will result in around 65 redundancies from functions affected by lower business volumes and changes to the company’s operating model. It will also be increasing its level of automation in preparation for market recovery.The move is a response to the current lack of liquidity in the global capital market, which has forced Kensington to accelerate its move to a lower cost base.
Alison Hutchinson, chief executive officer of Kensington said: “We have said all along that we would make tough decisions. We must ensure the company has a business model that is robust until the market returns and which can thrive in the future, when we think the market will be quite different from the way it looks today. We have spoken to our distribution partners about these changes and we are moving quickly and decisively to shape a business that is ready for market recovery and able to deliver growth from a much wider platform.
“We will now begin a formal consultation process and will treat all our staff – whether they will be leaving us or staying – in a professional and fair manner. We will ensure that all leavers get the support they need to find new opportunities to use the experience and skills they have built up whilst with Kensington.”
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