Sources close to the deal have informed Mortgage Introducer - News that BBB is planning a massive assault on the mortgage market and looking to set up a large mortgage network, with the acquisition of PMN as the first stage in its plan.
BBB already has an IFA network division, Berkerley Independent Advisors - the fourth largest IFA network in the UK.
The move comes only three months after PMN took on all of networkone’s AR members after Next Generation Mortgages, the parent company of networkone, decided to withdraw its network proposition.
Dale Knight, managing director of PMN, said he was not in a position to confirm if the company involved in the deal was BBB, but commented: “We are in the final stages of bringing in a corporate parent.
“We have had all the discussions and all the terms have been agreed. The PMN brand will not be affected and any deal with a parent company will strengthen our position in the market.”
Knight insisted that his ARs will remain appointed members of PMN and not BBB , while the deal will also strive to provide continuity for its ARs.
“Any deal with a parent company will offer our ARs continuity and keep to our model. We cannot guarantee this won’t change over time but this deal is seeking the best terms for our members.
“It is important to us that the parent company shares our own desire to grow.” BBB has made no secret of its desire to acquire other financial firms as part of its aim to be the UK’s premier financial services distribution group, and outlines its corporate strategies as including acquisition of profitable regional financial advice practices and strategic acquisition of large financial advice groups.
BBB declined to comment.
