Meridian Mortgages has acquired specialist broker firm Metro Finance.

New build specialist broker Meridian, 40 per cent owned by Mortgage Advice Bureau, has taken 100 per cent of the shares in Metro Finance, a Sheffield-based shared ownership specialist. However, Metro will remain an independent company, with all of its 42 staff still directly employed.

The new set up will see the birth of brand new ‘Meridian Holding Group Ltd’ incorporating Metro Finance and Meridian Mortgages sitting independently alongside each other, within the new group.

The group will increase its focus on servicing housing developers and housing associations right across the UK offering their customers advice on the right homebuying solution for them regardless of the tenure.

Meridian Mortgages is based in Leicester and has a nationwide base of 48 mortgage advisers.

Metro Finance managing director Jon Lord says: “All of us at Metro are super excited to become part of the Meridian group of companies. Our work in the shared ownership sector has always been service focused, the partnership with Meridian allows us to take our new group proposition to the next level. We will offer multifaceted expertise to housing associations and developers offering multi tenure site with a service driven proposition which will perfectly match the marketplace.”

Meridian Mortgages group managing director Allan Warren says: “We are very excited to bring Metro into our stable, they are the leading broker in affordable housing with incredible knowledge of the sector and enviable service standards. Together we can offer a wider range for services to our house associations and national housebuilders, creating a seamless customer journey for all their potential buyers. We’d also like to thank MAB for not only making this deal possible but supporting us throughout the acquisition process.”