Online loan company hires a mortgage specialist
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, bought Brytannic Extra Finance, a specialist mortgage advisor and stock broker from Bury, for an undisclosed sum.
Brytannic, which is said to have a turnover of around £ 1million and employs 17 people, will be renamed to operate as Fluent Mortgages Limited.
Fluent Money, based in Horwich, Bolton is a broker of second secured loans, which are generally used by homeowners with equity in their properties as an alternative to remortgaging. The company works with mortgage brokers and intermediaries like MoneySupermarket.com to find the best product for their customers.
The company, which employs around 100 people, had revenue of £ 11.3million at the end of March 2017 and is targeting £ 15million 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 loan that best suits their needs.
“Brytannic is a long established broker with an excellent reputation in the market and high quality staff, which makes them a natural partner 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. first charge and capital release 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 the DLA Piper Manchester office, led by company chief James Kerrigan. Dow Schofield Watts also advised.