Online loans firm swoops for mortgage specialist

An online broker of secured loans has made a strategic acquisition that will allow it to expand into first charge mortgages and equity release products.

Fluent Money, which already offers second charge mortgages and unsecured loans, has bought Brytannic Extra Finance, a Bury-based specialist mortgage adviser and equity release broker, for an undisclosed sum.

Brytannic, which is understood to have a turnover of around £1m and employs 17 staff, will be re-branded to operate as Fluent Mortgages Limited.

Fluent Money, based in Horwich, Bolton is a broker of second secured loans, which are typically used by homeowners with equity in their properties as an alternative to remortgaging. The company works with mortgage brokers and intermediaries like MoneySupermarket.com to find their clients the best product.

The company, which employs around 100 staff, had a turnover of £11.3m to the end of March 2017 and is targeting £15m for the current financial year.

It was launched in 2008 by a number of former bank managers, led by chief executive Kevin Hindley, and has seen strong growth in the last few years on the back of heavy investment in its platform. It was also the first broker in the second secured loans market to be granted full FCA permission.

Kevin Hindley, chief executive of Fluent, said: “The acquisition of Brytannic will enable us to provide a comprehensive product set to our customers and introducers, to ensure that they have access to the most appropriate loan for their needs.

“Brytannic is a long-established broker with an excellent reputation in the market and high quality staff, making it a natural fit for Fluent. I am truly delighted to welcome Brytannic into the Fluent family”.

Beech Tree invested more than £15m in Fluent Money’s management buyout in February last year. The deal marked the private equity firm’s first in the North West since it was launched by Andy Marsh and Paul Franks, who previously led Gresham Private Equity’s Manchester and Birmingham offices respectively.

Andy Marsh, managing partner of Beech Tree Private Equity, said: “The acquisition of Brytannic is a key step in the development of Fluent and will address the demand from our customers and introducers to be able to service customers looking for first charge mortgages and equity release products with the same high quality service that Fluent currently offers for second charge mortgages and unsecured loans”.

Beech Tree was advised by a team from DLA Piper’s Manchester office led by head of corporate James Kerrigan. Dow Schofield Watts also advised.

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