08 August, 2014
Cardiff-based master broker Y3S is holding Dragons’ Den interviews to find two young hotshots capable of running a new second charge loan brokerage operating as part of its group of companies.
The successful candidates will be given a salary, directorship and a shareholding in the business which is already set up to trade with all relevant licenses with the FCA.
Matt Cottle, group director at Y3S, said: “We’ve already got an office in Cardiff Bay, so we thought why don’t we give some young hotshots the opportunity that they want to set up a business?”
He explained how this is a once in a lifetime opportunity, largely due to permissions already being in place.
He said: “It’s pretty much impossible to enter the market as a new start-up right now as we are in the interim period of transfer of regulatory powers from the OFT to the FCA; getting a license to trade is unlikely to happen for a long while.”
Ray Boulger, senior technical manager at London-based broker John Charcol, said he’d has not seen such an innovative approach to recruitment before.
He added: “They should get a fair number of enquiries so at least they’ll save money on advertising the vacancy. It’s quite innovative and forward-thinking in that respect.”
And Maeve Ward, sales director of secured lending at Shawbrook Bank, also praised YS3.
She said: “It’s good to see Y3S being as innovative as ever with their approach. We look forward to seeing who the successful candidates are.”
When asked exactly what kind of young candidates Y3S is targetting, Cottle explained that he wanted the pair to have the drive to set up their own business, while in addition they should have some knowledge of the master broker sector.
He denied having anyone in mind for the two roles, although he stipulated that the pair should already hold a working relationship.
Y3S are looking for candidates for the long-term, especially considering the resources that will be put into the new recruits’ training.
They will receive business support such as mentoring, marketing, compliance, systems, IT, recruitment, accountancy and banking to allow them to run a smooth operation.
When asked why he didn’t appoint current members of Y3S to the new brokerage, Cottle responded: “I don’t want to because they are all doing a great job as they are.”
Barney Drake, group director of operations at Y3S, added: “There is only one opportunity available for two people so they should choose each other wisely.
“They should both have a track record of processing secured loans, providing the highest level of customer service together and be able to demonstrate their entrepreneurialism.”