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09 Jan, 2008

Laura Stavro-Beauchamp
Date: 08-Jan-2008

Cardiff-based packager Prestige Acceptance has closed its doors to new business.
A message on the packager's answerphone confirms the closure, with the firm blaming the downturn in the US market.

The message says: "We regret to inform you that due to the credit crunch the business has ceased trading."

PA accepted funding from the Welsh government to grow the business in 2006 and has since moved to a larger office and hired more staff.

One broker that used PA regularly told Mortgage Strategy that they had spent the entire day attempting to sort out all cases pending with PA.

The broker says: "It's getting to the point where it's a case of which packagers do you trust."

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