emfinance is to rebrand to eXchange mortgages after managing director Gerry O’Neill and sales and marketing director Kevin Friend “resigned” last month.
Reasons for the split are said to be amicable, but sources at emfinance’s Livingstone head office said the duo had come to “the end of their tether” and could not take the business any further. One senior employee said: “Both they and the eXchange had had enough.”
Nick Deutsch, a non-executive director with the eXchange, has been posted to Scotland as acting managing director. It is thought he will be in place to oversee the rebrand and his arrival was said to have “lifted spirits”.
A date for the rebrand has yet to be set, but eXchange mortgages will be streamlined into its two existing channels, moneyXtra for direct consumer sales and the eXchange for business-to-business deals.
Charlie Musson, spokesman for the eXchange, said: “Brokers will still be able to place business in the same way they have before. The idea behind the rebrand is that we wanted to increase the value we get out of the two brands while at the same time leveraging the value of eXchange mortgages.”