Administrators axe 46 jobs at LSB

THE administrators of stricken North West sub-prime lender and debt collection group London Scottish Bank have made 46 people redundant, it emerged today.

The Manchester-based company was placed into administration on December 1 after failing to raise millions of pounds of funding to plug a shortfall in its capital position.

Ernst & Young said the job losses – including 24 at the company’s Deansgate head office – had been made for “economic reasons”.

Before the insolvency the group employed 210 staff at head office, 284 at the divisional base of Robinson Way, the debt collection business, and a further 200 people at branch offices nationwide.