GHL Group has acquired Classic Network Solutions (CNS) for an undisclosed sum and is in talks with other distributors about further acquisitions.
The buy-out will see GHL’s directors join the board of the firm alongside current managing director, Howard Duff, and will provide CNS members with business development, marketing and finance support from GHL, as well as boost the number of advisers in the GHL Group to over 300.
GHL promised there would be no job losses as part of the deal at either firm and CNS would keep its brand title, while Nigel Gardner, managing director of GHL Group, admitted it was hopefully not the last buy-out for the group.
“We have been talking to a number of people and two or three of these conversations are still ongoing. We are nowhere near concluding anything but we want to continue to look at small networks and other distribution as part of our strategy.”
Meanwhile, Mortgage Broking Services Ltd (MBSL) has merged with Professional Mortgage Partnerships Network Limited (PMP) to create what it claims will be the fourth largest mortgage network in the UK.
The group will come under the MBSL name, while a decision on which sourcing system the firm will use is expected to be made in early 2008.
Tony Corrigan, managing director of MBSL, said: “This merger is very much about economies of scale which will ensure that both existing MBSL and PMP members will benefit from the enhanced bargaining power of a larger network.”
