Job losses at Loans.co.uk (From Watford Observer)

Job losses at Loans.co.uk

4:42pm Thursday 2nd October 2008

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Loans.co.uk, one of the biggest employers in Watford, has announced heavy job losses.

The firm, which has its head office in the Croxley Green Business Park, is to shed 94 positions at its three UK offices.

Its other bases are in Preston and Fareham.

A statement released by the company this afternoon blamed challenging market conditions and the ongoing credit crunch for the action.

It said: "The secured lending market is extremely challenging at the moment and this has led to us making this difficult decision.

"As a loan broker we rely on third party providers to provide loans to our customers.

"A number of our key partners have tightened lending criteria or are unable to accept new business.

"At the same time, house prices have been declining, making it more difficult for customers to fit within lenders' (tighter) loan-to-value criteria."

No further details have been given.

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