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An online secured loan broker has made a strategic acquisition that will allow it to expand into senior mortgages and equity release products.
Fluent Money, which already offers second mortgages and unsecured loans, has bought Brytannic Extra Finance, a Bury-based mortgage specialist and release broker, for an undisclosed amount.
Brytannic, which is expected to have a turnover of around £ 1million and employs 17 people, will be rebranded to operate as Fluent Mortgages Limited.
Fluent Money, based in Horwich, Bolton is a broker of second secured loans, which are typically used by homeowners with equity in their properties as an alternative to refinancing. The company works with mortgage brokers and intermediaries like MoneySupermarket.com to find the best product for their clients.
The company, which employs around 100 people, had a turnover of £ 11.3m at the end of March 2017 and is targeting £ 15m for the current year.
It was launched in 2008 by a number of former bank managers, led by Managing Director Kevin Hindley, and has seen strong growth in recent years thanks to heavy investments in its platform. He was also the first broker in the second secured loan market to obtain full FCA clearance.
Kevin Hindley, Managing Director of Fluent, said: “The acquisition of Brytannic will allow us to provide a full set of products to our customers and introducers, to ensure they have access to the most appropriate loan for their needs.
“Brytannic is a long established broker with an excellent reputation in the market and high quality staff, making it a natural fit for Fluent. I am really delighted to welcome Brytannic to the Fluent family ”.
Beech Tree invested more than £ 15million in the management buyout of Fluent Money in February last year. The deal was the private equity firm’s first in the North West since it was launched by Andy Marsh and Paul Franks, who previously headed Gresham Private Equity’s Manchester and Birmingham offices, respectively.
Andy Marsh, Managing Partner of Beech Tree Private Equity, said: “The acquisition of Brytannic is a key milestone in the development of Fluent and will meet the demand from our clients and introducers to be able to serve mortgage seeking clients. and senior equity. launch products with the same high quality service that Fluent currently offers for second mortgages and unsecured loans ”.
Beech Tree was advised by a team from DLA Piper’s Manchester office led by company chief James Kerrigan. Dow Schofield Watts also advised.