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Wotherspoon would not confirm how many people would be made redundant, but said that the company's chief executive Ian Kennedy was discussing "future roles" at John Charcol with chairman John Garfield.

John Charcol's product specialist Katie Tucker has also left with immediate effect. (See story.)

Wotherspoon said: "We are in a consultation period, so I cannot confirm how many people we may make redundant. Ms Tucker has left with immediate effect. Our chairman is currently talking to Ian about future roles."

An industry insider said about John Charcol, which is one of the most well known brands in the industry: "I believe that Ian has just left. I think that his departure was made a couple of weeks ago.

"It is my understanding that he is due to go. I do not know the precise reasons, but at a guess it is because the chairman John Garfield wants take a more hands on role in the business."