Vertex opens Tesco mortgage centre
LIVERPOOL-based outsourcing specialist Vertex has signed a five-year deal with Tesco to run a sales and service centre in Glasgow for the supermarket’s mortgage business.
Tesco is planning to enter the mortgage market through its Tesco Bank arm next summer.
Vertex is one of the largest firms in the UK specialising in customer management outsourcing. The former United Utilities division handles websites, call centres and back office operations for local authorities, utilities and retailers.
It employs around 9,000 people with some 2,500 at offices in Manchester, Warrington, Bolton and Liverpool. The Tesco contract will create 200 permanent jobs.
Chief executive Paul Sweeny said: “We’re thrilled to be playing a role in what is a transformational move by one of the most respected brands in the UK.”
Benny Higgins, chief executive of Tesco Bank, said the business was aiming to come up with “simple and transparent” mortgages that reward customer loyalty. “We are making good progress and plan to submit our proposals to the Financial Services Authority (FSA) next month.”
In the year to March Vertex reined in pre-tax losses from £30.7m to £2.3m on revenues of £365.9m, up 3%.
It was established in 1996 by United Utilities to handle customer services and generate cost savings on non-core support services. In 2007 it was bought by a consortium of three US investment firms, Oak Hill Capital Partners, GenNx360 Capital Partners and Knox Lawrence International.
