Savills Private Finance is on the acquisition trail and is looking for teams of mortgage brokers to boost its adviser numbers.
Launched in May 1997, Savills has 75 consultants, with 65 on the mortgage side and 10 split between debt planners and specialist IFAs. It is aiming to increase this figure to at least 100 by the end of next year in line with a 50 per cent increase in mortgages arranged to £3bn from current levels of £2bn.
FPD Savills, as a group, currently has a war chest of £25m for acquisitions.
Managing director Mark Harris says he is looking for teams or firms of at least four people with high-net-worth mortgage clients.
He says: “We are speak-ing to a couple of possibilities and I am keen to speak to more. We are of a size now to expand more rapidly through the acquisition of businesses or teams that complement our offering.”
Mortgageforce managing director Rob Clifford says: “The acquisition of intermediary businesses is an obvious way of growing more quickly. But it can be fraught with difficulties as brokers may have historical liabilities, both financial and legal, to clients that it is difficult to get out of.”