Turton had been managing director of Manchester-based Plan A Mortgage Brokers, but has closed the company to run the new Manchester Money, Mortgage Solutions understands.
It is the latest firm to launch in the London Money brand – founded by Martin Stewart – and is expected to open at the end of the month.
As with the other brokers in the group, Manchester Money is to be directly authorised by the Financial Conduct Authority (FCA) and supported by Stewart and fellow director Scott Thorpe.
The new firm relies on infrastructure and compliance support from London Money and its mortgage club The Adviser Alliance.
At the end of last year, Glasgow Money was founded by Kris Day and Carlos Velasquez, while Teeside Money was launched by Ian Skerritt and Steve Paterson – joining the already established Cardiff Money.
The Money brand funds location set-up to take a 50% stake in the business.
There are plans for Southampton Money, Brighton Money and Birmingham Money, with the group hoping to have representation in 20 UK cities.
All start with a minimum of two advisers and offer a range of residential and second charge mortgages, commercial finance, equity release and, soon, investments and pensions.
Not ‘another network’
Talking to Mortgage Solutions, Stewart last year said: “By opening up our brand, knowledge and our contrarian approach we can give those brokers the chance to build their own business.
“Many advisers are disillusioned with the current offerings within the marketplace and we believe our model will allow brokers to go directly authorised but without feeling lonely in the process.
“Furthermore, by working with The Adviser Alliance brokers will be able to keep a larger percentage of their procuration fee than was previously the case.
“This isn’t another network in the traditional sense of the word, more a group of directly authorised companies, self-reliant and independent but with our backing to help build a business with a national presence but a local touch.”