Under the terms of the agreement, the enlarged network will operate under the Mortgage Broking Services Ltd (MBSL) umbrella whilst Optoma will provide specialist packaging services to the network.
The enlarged network will consist of more than 130 appointed representative firms and over 200 mortgage advisers. Whilst the transaction is subject to regulatory clearance, it is planned that the integration process will be complete by early August when all ARs will operate under the MBSL banner.
Commenting on the development, David Cowie, Chief Executive of Manchester Building Society said “We are very pleased to have reached agreement with Interpartners and are confident that the transaction will be completed smoothly within a short timescale. It was apparent from our early discussions that they had developed a network of high quality ARs and we are looking forward to welcoming them into our network. There has been continuing speculation over recent months about the viability of the newly established networks and whether they have the critical mass and financial strength to continue. Our view is that consolidation will be inevitable with broker emphasis looking towards those networks that have strong financial backing. Having achieved our early targets we are pleased to be able to pursue this exciting opportunity to accelerate the development of MBSL and to continue our plan of focussed organic growth in our AR membership."
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Matthew Bright MD of Optoma commented, “This is a key development for our business and enables Optoma to focus specifically on mortgage distribution and packaging. MBSL are committed to providing high levels of sales and compliance support to their network members and this will clearly benefit InterPartners’ ARs."
