HSBC group is planning to close Endeavour Personal Finance and lay off the firm’s 70 staff members because it does not fit with its business model.

The staff at the Bracknell-based second charge mortgage lender was told it was closing to new business.

Endeavour Personal Finance, which distributed loans through brokers and advisers, was acquired by HFC Bank, now owned by HSBC, when it merged with Beneficial Bank in 1998.

HFC Bank said Endeavour Personal Finance was a legacy of this merger and did not fit with its direct to customer distribution model.

‘Endeavour Personal Finance is not part of our core business,’ said Patrick Long, head of communications for HFC. ‘Following a strategic business review we wanted to focus on our core business so we have taken the decision to close Endeavour Personal Finance to new business.’

HFC Bank said it hoped to re-deploy some of the 70 staff members in different roles within the group.

HSBC Group acquired HFC Bank when it bought US lender Household in 2003.