Broker firm London & Country has asked administration staff at the firm to put themselves forward for voluntary redundancy by the end of next week.
The Bath-based firm employs 300 staff in total and the firm confirmed sales and advisory staff are exempt from the cost-cutting move.
Non-sales staff account for 124 of the firm’s workforce.
David Hollingworth, mortgage specialist at London & Country, said: “The market has changed immeasurably, which means the administration side of things has ended up with spare capacity, which needs to be trimmed back.”
“We’ve tried to weather the storm as much as we can and this surprise is that we haven’t had to take this action before now,” said Hollingworth.
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