Blow for HML growth ambitions
Mortgage administration company HML has said that growth plans for its Londonderry base have had to be scaled back, because fewer Irish banks than expected were outsourcing mortgage collections.
Some staff in Northern Ireland may be made redundant as a result of the loss of a major contract and the resulting restructure.
But John Grimbaldeston, |director of products and marketing, said HML would not be cutting its total staffing levels in Northern Ireland as new contracts balanced out those that had been lost. About 30 jobs will go, but most are in its headquarters in Skipton. HML refused to disclose which contracts had been lost and won.
Grimbaldeston told Business Month that HML’s business |projections had been based on winning mortgage administration contracts from banks in |the Irish Republic. “The expansion of trade in the Republic has been slower than was expected,” he said. “HML has two clients in the Republic, but we expected more outsourcing than has happened.” He confirmed that the lack of outsource work resulted from the high level of non-payments on mortgages in the South.
In a statement, Andrew Jones, HML’s chief executive, said: “It is always regrettable when a business needs to make changes which impact on people and |we are working hard with those affected to help them secure |alternative employment.”
Belfast Telegraph Digital