EFS plans to combine Mortgage Intelligence and Mortgage Next and is part of the EFS long term strategy to expand its network proposition. Both brands will continue under Mortgage Intelligence Holdings Ltd, and create a mortgage distribution channel for both Appointed Representatives and Directly Authorised intermediaries.
Mortgage Intelligence Holdings Ltd will join the European Financial Solutions Group of companies which is a subsidiary of JZ International (JZI). EFS, its management and JZI hold interests in leading mortgage and finance businesses in the United Kingdom, Sweden, Norway, Finland, Denmark, Spain and Ireland. JZI is the European affiliate of The Jordan Company, an investment partnership, based in New York, with funds under management of US$6 billion.
Tony Machin, CEO, European Financial Solutions commented: “The combining of Mortgage Intelligence and Mortgage Next provides us with a fantastic opportunity to grow and develop both businesses, but at the same time maintain the same professional ethos and high quality membership. The bringing together of these companies is the ideal match and will deliver significant benefits for current members and at the same time enable both brands to offer an even more attractive proposition to new members. It also enables both businesses to benefit from economies of scale.”
Sally Laker will become a shareholder and managing director of Mortgage Intelligence Holdings Limited with responsibility for running the combined business. She commented: “I’m delighted with this deal and with being part of such a strong and dynamic organisation as European Financial Solutions. I am looking forward to working with a strong team to create the UK’s leading quality mortgage network. The two brands have a similar culture and deliver a quality service which means that as the overall size of the network increases we will continue to focus on servicing high quality brokers. I believe the deal is a great fit that will enable both networks to go from strength to strength.”
The new head office will be based in Bournemouth, Dorset and Tony Machin, CEO European Financial Solutions will also become chairman of Mortgage Intelligence Holdings Limited working closely with Sally Laker. The combined business will have approximately 500 Appointed Representatives and 12,000 Directly Authorised brokers.
