The deal was closed on 1 November, around six months earlier than previously expected. Bear Stearns originally acquired a stake in ISL, formerly ICMG, to provide Rooftop with front-end processing capabilities. With Rooftop expanding its business, it was seen as the best time to integrate the processing for Rooftop’s distribution channels.
As part of the merger, the Rooftop Service Centre and Rooftop Direct, which deals with business from non-branded lender packagers and direct-to-broker business, will now be integrated into the London office.
Previous speculation of substantial redundancies being caused by the merger has not come to pass, with numbers being reported in the single digits. While specific details of the deal are to be confirmed, it is expected that the majority of Southend staff will move offices to work at the London base.
Ginny Darrow, chief executive officer of Rooftop Mortgages, said the process had gone smoothly. “We are excited that the integration of Rooftop Mortgages and ISL has been completed, giving us additional strength under the Rooftop Mortgages name to assist clients. Merging these two operations will allow is to continue the rapid growth and development of the dynamic Rooftop franchise.”
Paul Brett, director of packager alliance Freehold, commented: “I would say that Rooftop Mortgages has made every effort to accommodate ISL’s staff wherever possible and it has absorbed a lot of staff. I’m sure that in the long-term it is a positive move to enable Rooftop Mortgages to keep control over its future growth.”
