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Keenan quits Prestbury to set up bridging firm

Prestbury co-founder and chief operating officer Stephen Keenan has resigned as director to launch a bridging lender.

The new firm is understood to be called Sense Lending and funded by Royal Bank of Scotland. It is thought the lender will initially distribute its products solely through Prestbury.

Keenan is to remain a consultant to the mortgage network, which has 105 ARs, for at least six months and beyond, subject to quarterly reviews.

In March, management buy-out talks, which could have seen Prestbury taken over by the executive directors and delisted from Aim, were ended by the independent directors.

In January, the network’s chairman, Conservative MP Francis Maude, told the stockmarket that the costs of being Aim-listed made it increasingly difficult to provide shareholder value. In February, it withdrew from the IFA sector to focus on mortgages.

Keenan says: “I will continue on a personal and professional level to be passionately committed to the Prestbury business.”

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