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Network Data cancels Marrakech trip

Network Data has cancelled its trip to Marrakech for its top 20 appointed representatives and revealed there are two possible buyers for its broker networks.

The network, which has come under fire from appointed representatives for delayed commission payments, emailed its members yesterday to update them on the sale of the networks, Network Data and former Manchester Building Society subsidiary Mortgage Broking Services Limited.

In an email to advisers Network Data Holdings chief executive Richard Griffiths says:

“Having had approaches from six interested parties, we now have a short list of two parties with whom we are in intensive discussions on the financial and practical aspects of the proposed deal.

“I can confirm that both the short-listed parties are large financial services companies that have the necessary funds to complete the deal.”

Last week the network wrote a letter to its top advisers to inform them that the planned trip to Marrakech, which was organised for the weekend of May 7, had been cancelled.

Network Data chief executive Alex Cotton wrote: “In view of the current economic climate and the ongoing discussions with regard the transfer of the ARs networks it would be inappropriate to continue with the planned arrangements.

“I would like to sincerely apologise for any inconvenience and disappointment that this might cause.”

Cotton assured ARs that Network Data would try and reschedule the trip for later in the year.

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