The deal, which is subject to regulatory approval, will bring the number of mortgage advisers supported by MSS to over 1,450.
MSS Group, which is also the parent company of mortgage network Stonebridge, said the investment would enhance Connect’s financial strength and give it the ability to develop its proposition as it continues to increase its UK footprint.
Connect has over 250 appointed representative (AR) advisers, a number it expected to increase.
Connect said the MSS investment, and the existing companies in its group working closely together, would deliver greater scale and influence across the lending, insurance and surveying sectors.
Liz Syms chief executive, Kevin Thomson, sales director and Jane Benjamin, director of mortgages will all remain in place as the Connect senior leadership team. MSS representatives will join the Connect board in a non-executive capacity.
Liz Syms (pictured), chief executive of Connect, said: “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.
“We are really looking forward to working with the MSS team who have an impressive background in supporting business growth. The financial stability and logistical support provided by MSS will enable us to further develop our already market-leading proposition in order that we are able to continue the significant growth we have achieved over the past two years.”
Rob Clifford, chief commercial executive at MSS Group and chief executive at Stonebridge, added: “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.
