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Britannia merging niche brands Verso and PHL

Britannia Building Society is merging its two specialist intermediary lenders – niche brand Verso and sub-prime brand Platform Home Loans.

The new operation, yet to be named, will be run by Platform&#39s management team.

Britannia says it aims to recoup the £1m costs of the move within two years and will create a full service lender for intermediaries offering prime, light-adverse, non-conforming, self-certification and buy-to-let products.

The merger is set to be complete early next year when Verso managing director Colin Snowden will stand down. Business development director Eddie Smith and operations director Jim Washington are still deciding on their futures.

The new operation will be run by Platform managing director David Tweedy and sales and marketing director Guy Batchelor from its London Dockland&#39s head office.

Britannia says it will try to find positions for Verso&#39s 100 staff in the society&#39s Staffordshire head office but voluntary redundancies will be available.

Broker research is being done to decide the operation&#39s name but Britannia says it is likely to be either Verso or Platform or a combination of both.

Britannia head of corporate communications Graham Leftwich says: “We will offer a one-stop shop which means brokers can come to us and we will refer them down through the product range rather than turn them away. Internally, it is simpler to have one management team and systems.”

Prudential national mortgage manager John Malone says: “Birmingham Midshires have made a success of this type of proposition and we are likely to see more of this from lenders with a number of products and brands.”

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