Devastated staff who have lost their jobs after a Wolverhampton loans and mortgages company went into administration today spoke of their fears for the future.
Around 70 workers at Promise Finance, based on the former Goodyear site in Stafford Road, were given the bombshell news on Friday and told they will not be paid.
Bosses at the firm say employees will be able to claim back their last month’s pay through the Department for Work and Pensions.
The company today revealed that 33 staff will be redeployed elsewhere within the group, 20 full-time and 13 part-time.
But one former employee, who asked not to be named, said today: “This is a complete insult to those who have spent in excess of 10 years showing loyalty. I do not in any way begrudge the people who have jobs but I feel dismayed that those who are no longer working there have been treated in such an appalling way.”
The cost-cutting scheme has come as a double blow to Ben Peasley. He worked as a secured underwriting manager and helped set up the company in 2004 when it was created from Purple Loans and his partner Melanie Dunn also worked there.
The couple have a two-year-old daughter and say they felt “let down”.
Ben, aged 30, from Dudley, said: “They have handpicked around 20 people to stay on and nobody had the chance to apply for those jobs.”
Group managing director Steve Walker said: “It is part of the process of administration that wages are not paid as normal but employees will get their money back, plus redundancy, by filling in claim forms that we give them.
The situation has been blamed on falling trade as a result of the economic slowdown.
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