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Cater Barnard bids for net portal

Financial advisory services provider Cater Barnard has put in a bid for internet-based broker portal Confida Mortgages for an undisclosed sum.

Cater Barnard has entered preliminary negotiations to buy Confida as part of its strategy of becoming a pan-European IFA. If successful, the move will see the portal target the professional introducers&#39 market.

Cater Barnard UK managing director Mark Garratt says Confida is a recently formed company currently writing some business. It hopes to expand it by creating a salesforce targeting professional introducers such as solicitors, accountants and estate agents.

Confida is an extranet-based broker service offering commission to introducers which either take customers through the site in their offices or refer them directly to the site to use its mortgage sourcing system.

Subject to the deal going through, Confida will be rolled out to the market in the second quarter of this year.

Cater Barnard is looking at further acquisitions of IFA firms with turnover of between £1m and £4m and is also listing its sha-res on the Frankfurt stock exchange to raise funds to give it a foothold in Germany.

Cater Barnard UK managing director Mark Garratt says: “Our intention is to build Cater Barnard into a pan-European IFA and corporate finance company. We see the IFA sector as being a major growth area and intend to establish a substantial group by acquiring high-quality IFAs.”

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