The expansion, which has taken place over the last year, follows Phoebus’ winning a number of clients including several third party servicers and a new lender, as well as increased briefs from existing clients.
Phoebus, which specialises in designing software for mortgage lenders and outsourcers, entered into a round of redundancy consultations at the start of recession after a significant banking client was forced into receivership.
Paul Hunt, managing director of Phoebus Software, said, “This isn’t simply a case of replacing people who were made redundant during the downturn – although we have certainly shared the mortgage industry’s pain over the last three years. Our expansion is above and beyond that and has been driven by investment in the wider market. A year ago, we started hiring again to meet demand from new lenders who needed new systems. Then lenders who had focused their attention on origination until the crunch started to realise they have to concentrate on their back office IT systems if they don’t want to fall foul of TCF. Twelve months down the line and we have increased the headcount by 25% and demand has held firm as new third party servicers have started to order new IT.”
Lorely Burt, co-chair of the Liberal Democrat Business Innovations and Skills Committee and the MP for Solihull, where Phoebus’s head office is based, said, “Solihull is a great place to do business, and I’d like to congratulate Phoebus on so successfully expanding at a time when things are still hard for business generally. They are a shining example of how the best companies can spot opportunity at any time, and have innovated and developed new market niches as their route to success.”
