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Assetz Capital furloughs quarter of staff

Assetz Capital has furloughed a quarter of its staff due to coronavirus.

The firm said that it has applied furloughs across departments that have become less busy as a result of the pandemic.

New lending is an area of the market that the firm has pulled back on.

However, it has increased its workload in loan servicing and monitoring.

A spokesperson for Assetz Capital, said: “This is in common with countless other announcements from other businesses in alternative finance and indeed nearly every other sector.

“We like everyone else have had to make difficult decisions across the board to reduce costs for the moment. It’s the reality of operating a business during the quickest economic downturn in history.

“Our furloughed team members will be back on board as soon as possible once lending restarts, news of which we expect to announce in the near future in relation to our CBILS lending application progression.

“We are completely focused on navigating through these challenging economic conditions and coming out even stronger on the other side.”

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