The Beacon Group has confirmed the acquisition of a mortgage broker and its associated mortgage packager as part of the company's plans for ‘strategic growth'.
Broker MD Nationwide and packager Bananas Inc will become part of the Beacon Group, which already includes IFA firm Beacon Asset Management, Beacon Homeloans, a non-conforming mortgage lender and Beacon Mortgages, a specialist packager.
The deal which was completed yesterday will give Beacon access to the ‘direct to consumer’ market through MD Nationwide, while Bananas Inc, an all of market packager and member of the Regulatory Alliance of Mortgage Packagers (RAMP) will continue to be “an aggregator and branded mortgage arranger for its existing panel lenders”.
Beacon says MD Nationwide will retain its brand identity and existing intermediary and lender relationships, while it says ownership of Bananas Inc will allow Beacon to build on its current intermediary distribution channel.
In addition it claims the acquisition “does not affect those employed by either party and for both companies it will be business as usual, with the day to day management remaining unchanged”.
Andrew Townsend, managing director of the Beacon Group, says: “We are delighted to have completed our acquisition of MD Nationwide and Bananas Inc. They have an excellent reputation and a strong focus on delivering the right results for their clients and our acquisition decision was based on MD’s successful business model and strong management team.”
And Dave Symondson, joint managing director of MD Nationwide and Bananas Inc, says the strong focus on service quality and support which exists within the Group fits “very well with our own aim of giving the customer what they want, at a price they can afford, when they need it”.
He adds: “The acquisition is good news for all of us at MD Nationwide and Bananas Inc and we look forward to developing our business further.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7034 2681 or email [email protected]IFAonline
The chairman worries about finance getting in touch with its feelings
Cost of acquisition: £31m
Greg Camm temporary replacement
Plan ahead … do not rush
Adviser use of social media on the up