International financial services provider Cater Barnard has announced it is to acquire mortgage broking company Confida Mortgages and has revealed plans to acquire further mortgage IFAs by the end of the year.
The provider, listed on the AIM stock market, intends to build a national network of introducers. According to Cater Barnard, Confida Mortgages ‘ which doubles as an online financial products portal ‘ is the first of a new bout of acquisitions. The maximum consideration for this initial buy-out will be £6m.
Mark Garratt, managing director of Cater Barnard, said building a network would mean extra support for members.
‘Many advisers are concerned about compliance issues and this is one area we will be looking to provide support for by building a national network. We see the acquisition of mortgage IFAs as bringing many opportunities for us to sell into.
‘Confida has strong links to hundreds of lenders in addition to its technological strengths. We will be looking to acquire a further two or three IFA businesses by the end of 2002, helping us to build a strong network across the UK,’ he said.