PADIHAM: Jobs blow as HML sheds 58 posts

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NEARLY 60 jobs will be shed from major Padiham employer HML.

The financial services provider, which has an office at the Shuttleworth Mead business park, is making 20 compulsory redundancies and 38 voluntary cuts.

The Padiham office escaped major cuts last August when seven voluntary redundancies were made. It was feared in April that the home loan management company would be axing 100 jobs from across its business.

Owned by Skipton Building Society, the company also has offices in Londonderry, Glasgow and its head office in Skipton.

A spokesman for the company said the redundancies were due to the loss of customer GMAC which had been taken on by another company called Paratus.

Joanne Gill, head of PR for HML, said: “As announced last year, Paratus decided to take the servicing of the GMAC assets in-house from April this year. We have worked hard to minimise the impact on employees by asking for volunteers for redundancy.

“In total 38 people in Padiham volunteered for redundancy and a further 20 roles have been put at risk of compulsory redundancy. We understand the personal impact on staff and are offering extensive support to all staff throughout the process. Paratus remains a client and will use the HML IT platform to administer the mortgages.”

HML works for more than 30 UK and Irish lenders and has more than 45,000 different financial products on its system, ranging from straightforward loans through to complex products such as equity release.

A major source of HML’s success in the past 10 years was the expansion of the specialist lending sector. The company employs 360 people at its Padiham office working on a number of different accounts.