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Lamensdorf buys up Essential Mortgages

IFA Lamensdorf Group is expanding its mortgage brokering arm by buying Essential Mortgages in a deal that will see its adviser numbers soar to 250.

The deal, for an undisclosed sum, is conditional on Lamensdorf successfully floating on Aim this summer. Lamensdorf says it is looking at further acquisitions in the health and general insurance sectors.

Wolverhampton-based Ess-ential has grown quickly since it was formed three years ago and will bring around 105 advisers based in seven regional offices to the group. Lamensdorf Mortgages, formed after the acquisition of Flexible Mortgages last December, will now be run by Essential.

Essential will retain its name for the present although it may come under the Lam-ensdorf name in the future.

Essential co-founder and managing director Steve Davis is to join the Lamensdorf board on the completion of the deal.

Lamensdorf chairman Ken Newell says: “Essential has an impressive business model that will enable Lamensdorf to accelerate its plans to become a major player in the mortgage market.

“Our stated objective is to build our wealth management business by adding new areas of activity.”

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