Pink Home Loans has acquired a majority shareholding in BDS Mortgage Group.
The investment will result in a combined group that originated over £13bn in lending in 2007 and enjoys an overall base of 550 business writers and 50 satellite packagers.
Customers and appointed representatives of both Pink and BDS will see little change in their relationships with their chosen networks as both companies will continue to operate as separate businesses, maintaining brand strength and managerial structures.
Pink chief executive Barry Meeks says: “It has been no secret that Pink has been ambitious in the targets it has set itself to become one of the largest mortgage networks in the UK and to significantly increase our product distribution capability.
“Our investment in a brand as strong as BDS demonstrates to the market the seriousness of our ambitions and our willingness to work with like minded companies to improve both the service we offer our customers and their income earning potential. BDS, through the high esteem in which it is held within the industry, its comprehensive packaging infrastructure and growing AR network, will certainly compliment Pink’s proposition and I’m sure this will lead to many mutually beneficial business opportunities for both companies. We will seek out similar additional opportunities to join our Group as they arise.”
BDS managing director Phil Jay adds: “Having the backing of a powerful brand such as Pink and ultimately Skipton Building Society will undoubtedly add a new perspective and impetus to the BDS proposition. The ability to be in a position to call upon additional resources and expertise in what is a rapidly changing industry will give BDS an extremely advantageous position of strength, especially in the packaging arena. BDS has ambitions to significantly grow its business model & offers a wide range of services to the mortgage broker..”
Meeks will become chief executive of the combined group of companies, while David Copland takes up the role of managing director at Pink Home Loans.
Ian Nelson will take a step back from his day-to-day involvement at BDS & moves into a non-executive director position whilst Jay remains managing director.