Founder and chief executive of Dynamo, Ying Tan, has announced he will exit the business at the end of the month.
Tan is a well-known figure in the mortgage industry and founded The Buy to Let Business, later renamed Dynamo, in 2006. Earlier this year, 100% of the brokerage and mortgage club was bought out by Connells Group.
Tan says his mission when setting up the business was that it be “respected by the clients and the marketplace as one of the leading mortgage intermediaries in the UK.” He feels this has certainly been achieved. Dynamo won Best Mortgage Broker at the Mortgage Strategy Awards 2020.
“Every entrepreneur dreams of starting, building, successfully scaling and exiting a business when the time is right; and this certainly represents the right time for me,” says Tan.
“It’s been an amazing journey, having started from a tiny office in Guildford with no windows to operating out of a 13,000sqf office, which has capacity up to 200 people.
“Last month was a record revenue month for the business in our 15-year history. The Dynamo rebrand took us to a whole new level and the company is in a fantastic position to continue moving forward, at pace. It has a great new owner in Connells Group who has a proven track record with companies they have acquired and there are significant synergies which Dynamo will greatly benefit from.
“From a personal perspective this was too good an opportunity to turn down. Whilst The Buy to Let Business and Dynamo has been a huge part of my life, it feels fantastic to leave the company in a strong position with records being broken and poised for continued growth having recruited aggressively since the beginning of the year. No one person is bigger than the business and I’m sure that it will continue to be a huge force in the intermediary market for many years to come.
“I’d like to thank everyone for their support over the years, the amazing staff and particularly my leadership team who have provided the backbone to the immense success of this wonderful business.”
Connells Group mortgage services director Adrian Scott says: “Dynamo has built an impressive reputation across the intermediary market and Ying has been the driving force behind this. He leaves the company operating at the top of its game and we are delighted to have been able to acquire it on the back of company records and with such a strong infrastructure in place for continued growth. The company is a great fit for Connells Group and I look forward to working with the strong Dynamo management team.
“I’d also like to take this opportunity to wish Ying well in his future endeavours and I’m sure he will continue to achieve phenomenal success in whatever he chooses to do next.”
