The business will be integrated into Think Money Group’s existing mortgage and loans operations,and Think Money will continue to use the Ocean Finance brand. A team of 23 staff have transferred from Ocean and will remain based in Birmingham.
Simon Kay, finance director of Think Money Group, said: “Ocean Finance still has a strong brand and franchise and we see a natural fit with our existing business. We look forward to working with the team at Ocean to breathe new life into their operation.”
An unnamed internal memo to staff, seen by Mortgage Introducer, said: "I am pleased to be able to say that in the past few days we have completed a deal to buy Ocean Finance and Mortgages.
"Many of you will remember Ocean Finance from the TV adverts which helped build a very strong brand particularly in the secured loans market.
"Whist this market has shrunk since the credit crunch we still believe that Ocean has a great brand that we can help revive, we have spent some their team who I think are ‘people like us’I am excited about what we can achieve working together with them.
"A team of 23 staff have transferred from Ocean will remain based in Birmingham.
"Its part of a bigger strategy to expand."
More to follow...
