The direct to consumer mortgage broker’s preliminary results for 2003 show that turnover doubled on the previous year to £12 million.
Loan completions rose by over 80 per cent from £96m to £174m.
To handle the increase, Regency’s staff complement also doubled during the course of the year, to over 150.
Chief Executive Fin McGurran said: “2003 was a significant year for us. The steps taken to shape Regency for future development started to be reflected in our financial results. The Right to Buy market, in terms of volume and quality, is a highly attractive niche that we understand well. However, it’s our staff that deserve much of the credit for achieving these superb results. Trading in the first quarter, including our new re-mortgage operation, has continued to be strong. We look forward to setting more records in 2004”.
In the specialist Right to Buy market, business was brisk. Council property tenants bought their homes at the fastest rate since 1991. Meanwhile, Regency made an entry into the fast growing re-mortgage market through an approach with affinity partners.
Several senior appointments were made during the year. Alan Dean (Sales Director), Fiona Underwood (Administration Director) and Nick Baldwin ( Finance and Insurance Director). Founding directors Laurence Tomei and Philip Erwin assumed non-executive positions.
