147 jobs go as Friends First Finance closes

FINANCIAL services company Friends First yesterday announced the closure of Friends First Finance and the restructuring of its remaining business with the loss of 147 jobs.

The company said Friends First Finance had been badly affected by the credit crunch and it could no longer sustain its business model of borrowing from the inter-bank market.

“The closure of Friends First Finance will unfortunately result in the loss of 98 jobs on a phased basis as the business is wound up over the next five to seven years,” it said.