Initially, both companies will continue to trade under the separate brands, with John Smith, managing director, Guaranteed, joining the existing Genesis directors in forming the new board.
Genesis Home Loans plc managing director, Barry Robson, said, “Today’s announcement is great news for everyone involved. A successful network needs a critical mass of Appointed Representatives and this merger will see us doubling in size, providing us with the opportunity to service our customers more effectively.”
John Smith adds, “This merger will further enable us to provide the products, services, technological platform and compliance support needed to ensure we run a successful network and packaging company for our customers.”
With immediate effect the network compliance function for the merged company will be based within the Genesis office in Peterborough, although current network arrangements will continue independently during the transition period.
Additionally, the current Genesis packaging operation will move to the Guaranteed premises in Maidstone, with all branded lending operating from the Genesis office in Peterborough.
Other changes to improve operational efficiency will be announced shortly.
Commenting on the staff impact at both companies, Nigel Gardner, Genesis Business Development Director, stated, “This announcement will inevitably lead to operational changes in both offices, however this merger has been undertaken to ensure a positive future for the combined business. This could result in redundancy for some roles however we have endeavoured to ensure that these are kept to a minimum”.
