Cox Insurance Holdings is to close its subsidiary guaranteeing broker HML Marketing and could be on the point of selling CanDo Finance to Premium Credit.
Market sources reveal that HML is to be 'discontinued' – more details are expected to emerge when Cox's interim results are revealed tomorrow (Thursday).
A market source said: "Cox have called all the account executives to the Colchester office for a series of meetings today and tomorrow where they are expected to be put on notice of redundancy."
"It seems most likely the company didn't think it could get a worthwhile price for HML so it decided to close it down."
HML has around 14 area mangers in nine locations around the company.
The closure of HML and sale of CanDo is part of a restructuring programme that has already seen IT subsidiary Brokersure put on the market.
Both Premium Credit and Cox refuse to comment.
