Network Data snaps up MBSL for £2m

In addition, the former MBSL owner, Manchester Building Society, has taken £250,000 worth of preference shares in Network Data. The move follows an agreement to sell Network Data’s Botleys Mansion for £5m. Richard Griffiths, chief executive of Network Data, claimed the deal was the largest merger of two mortgage networks since the FSA took on the regulation of the mortgage market four years ago. He continued: “Consolidation of the networks market is long overdue, and we expect the trend to accelerate with many of the smaller networks struggling in the current weak market conditions. ...