Income drops at Jerrold
INCOME at the Manchester lender Jerrold Holdings fell by 10% last year.
The group blamed lower levels of redemption activity in the UK loans market for the drop.
“[This] has resulted in a reduction in related income and, given the correlation to advance levels, a reduction in new business income,” said the company’s directors in its latest accounts for the year to June 30.
“In the latter case this has been fully offset by a reduction in acquisition costs,” they added.
Turnover at the group fell from £149.5m to £166m while pre-tax profits were up 0.5% to £69.1m, a fact the directors attributed to tighter cost control. The value of the group’s loan book increased by 4.6% to £1.12bn during the year.
Jerrold, which was established in 1973 by Henry Moser and Barrie Pollock, specialises in secured lending for residential and commercial customers across the UK.
It operates under a string of different brand names including Blemain, Cheshire and Lancashire Mortgage Corporations and Bridging Finance.
The business has been tipped to go public at some point in the near future. This is understood to be the preferred exit route for Barclays Private Equity which took a significant minority stake in September 2006. The company, which is based in the city centre, employs 290 people.
