The firm opened offices in both Spain and Sweden during 2002 and its Madrid office now employs 23 local staff, marketing a range of mortgage-focused products to Spanish consumers. The office reports over 2,000 new applications a month.
Commenting on these developments, Colin Snowdon, managing director of mortgages and intermediary business at Freedom Finance, said: “The development of an office in Spain, which has one of the highest levels of home ownership in Europe, and the acquisition of a business in Sweden are important first steps in our strategy to build Freedom Finance into a pan-European financial services group.”
Freedom Finance has also acquired Bolane Services, one of the largest broking companies in Sweden, which gives the company a foothold in Scandinavia. The acquisition of Bolane Services, which is based in Helfingsborg near Gothenburg, takes the total headcount at Freedom Finance to over 400.
“Back here in the UK, we have just announced our intention to launch a network service for mortgage intermediaries and we will be launching our own lending operation in the coming months,” said Snowdon. “Freedom’s intermediary business has also moved into larger premises in Wilmslow to provide capacity for our planned future growth.”
Profits for the group have risen from £3.1 million in April 2002 to £6 million in 2003.
