Pink Home Loans (PHL) is to take a majority share in BDS Mortgage Group it was announced today.
The investment forms part of PHL’s strategy to grow its business and it hopes the addition of BDS will help the firm increase its negotiating strength and operational efficiencies.
The deal means the combined group has originated over £13bn of lending in 2007, with a base of 550 business writers and 45 satellite packagers.
PHL says the two firms will continue to operate a separate businesses, meaning customers and ARs will see little change in their day-to-day relationships with either network.
Barry Meeks, chief executive of both PHL and BDS, says BDS will complement PHL’s existing proposition and the deal will lead to mutually beneficial opportunities for both networks. He also indicated that the group will be seeking other firms to join the group in the future.
Phil Jay, managing director of BDS, comments: “The ability to be in a position to call upon additional resources and expertise in what is a rapidly changing industry will give BDS an extremely advantageous position of strength, especially in the packaging arena.
“BDS has ambitions to significantly grow its business model and bringing together the combined strengths of the two companies into what will be a formidable force in the UK mortgage distribution market and it's great to see both businesses achieving their ambition.”
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