Property group Mortgage & Surveying Services says it has bought “a significant stake” in specialist mortgage network Connect IFA for an undisclosed sum.
Connect says the investment will boost its “financial strength and give it the ability to make further developments to its proposition as it continues to increase its UK footprint”.
MSS Group – which has operations across surveying, valuations, mortgage services and adviser technology – is also the parent of the Stonebridge mortgage network.
Connect, founded in 1998, says it has over 250 appointed representative advisers within its network and plans to increase this number “significantly over time”.
MSS Group, across Stonebridge and Connect, says it will support over 1,450 mortgage advisers.
The mortgage network says the investment will see the businesses “working closely together to deliver greater scale and influence across the lending, insurance and surveying sectors”.
Connect chief executive Liz Syms, sales director Kevin Thomson and director, mortgages Jane Benjamin all remain in place as the firm’s senior leadership team. MSS Group representatives will join its board as non-executives.
Connect’s Syms says: “This marks the next step in the evolution of Connect and will enhance our position as a major player in the specialist mortgage network market. The operations of both groups overlap without competing and by working together we will be able to secure additional benefits and operating efficiencies.”
MSS Group chief commercial officer Rob Clifford adds: “Liz Syms and her team have done a hugely impressive job of building a fantastic business at Connect and one which we have admired for some years – we are really looking forward to working with them to help support their growth plans.
“MSS already has extensive relationships with mortgage lenders as a surveying and valuations partner and we intend to extend the group’s reach in terms of aggregating mortgage lending and building deeper relationships with those lenders.”
The deal is subject to Financial Conduct Authority approval.
