UK Money News
28th March 2008
John Charcol faces uncertain future
John Charcol, one of the largest mortgage brokers in the country, could be in danger of closure.
Auditors from KPMG have told the company's directors that there is "significant doubt" over its future.
Speculation as to the viability of the business has been fuelled by the firm's financial records - which showed that last year its liabilities exceeded its total assets by £532,000.
The firm has also deferred loans of £820,000 to April 2008, which had been due to be repayed in June last year.
The downturn in fortunes for John Charcol is thought to be linked to be slowing in the property market.
Chief executive, Ian Kennedy, said: "Customers are finding it more difficult to get the [mortgage] rates they want and turning to well-known brokers for advice."
Mr Kennedy also confirmed that a sale of the business is being considered.
In a bid to mitigate the company's situation £1.5 million was recently put into the firm's accounts by its directors.
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