MGM Advantage buys equity release provider Stonehaven

It will operate as a wholly owned subsidiary and retain its brand. Stonehaven, set up in 2005, will continue to focus on the lifetime mortgage market sold through advisers. Stonehaven will also continue to develop its third-party servicing business, through its subsidiary Onyx. Stonehaven chairman Jayne Almond said: "We have always enjoyed a strong relationship with MGM Advantage, sharing the same long-term ambitions and company values. This deal secures long-term funding which will allow us to develop more rapidly. "There is a growing consumer need for innovative and competitive s...