SimplyBiz bosses take pay cut and furlough valuers

SimplyBiz bosses take pay cut and furlough valuers

 

However, as a result of the Covid-19 crisis, SimplyBiz has scrapped its guidance for the year and said it will provide revised forecasts as soon as is practically possible.

Teams that provide mortgage valuations services have been placed on furlough, as social distancing measures prevents these jobs being carried out in the current climate.

Management has also implemented some short-term cost saving initiatives, including freezing pay increases and bonuses for staff and reducing executive directors’ pay on a seamless basis.

The parent company of Simplybiz Mortgages said training seminars are being held through its digital platform and the majority of workers have successfully transitioned to remote working.

In the trading update, the group said its intermediary base remains strong and is continuing to grow through recruitment of new firms.

A package of support is available to intermediaries including help with cash flow and fees.

The group reconfirmed its final year dividend due to be paid on 4 May but is not recommending an interim dividend in the current financial year.