The Westbury Homes annual report said the loss was due to be addressed.
The report stated: “After breaking even in 2003/04 Incresco, our financial services business, performed well below expectations incurring a loss of £1.5 million.”
Industry sources have claimed the business could either be sold or face major redundancies.
Westbury Homes press officer Julia Chandler refused to comment on any proposed sale or speculation regarding job loses.
She would only confirm that there would be “restructuring” at the firm. “I can make no other comment on any speculation,” she said.
She pointed out the firm had been created as an offshoot of its parent company to offer homebuyers an extra service when buying newly-built properties. She admitted that a great deal of the firm’s business was mortgage-related.
