Companies  

Stonebridge profits up 22%

Stonebridge Group today (1 December) announced its results and plans for expansion in 2012.

During the course of the year Stonebridge has grown its appointed representative (AR) firms by 25 per cent.

Expansion plans for 2012 include actively seeking to recruit AR firms and implementing a business acquisition strategy.

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The network’s owners said they were looking for a variety of businesses to join the operation and were currently in talks with a number of firms.

Richard Adams, managing director of Stonebridge Group, said: “2011 has been a notable year for Stonebridge and we have achieved a lot in a short space of time.

“Switching all our firms over to a network model was a significant exercise and we have followed this up throughout the year by offering our ARs a variety of new services and products, notably the launch of our point of sale system and the enhancements to our protection proposition.

“It is fair to say we have taken a cautious approach since becoming the UK’s newest mortgage network just over a year ago.

Mr Adams added that the company will continue to focus on maximising ARs’ business potential. This focus along with an initiative launched last year has, according to Mr Adams, helped grow the income of Stonebridge ARs.

He said: “We also have some exciting initiatives planned for 2012. Stonebridge is not seeking to play the numbers game and we will maintain strong cash reserves that are the cornerstone of our proposition.

“However we feel the time is right to significantly expand the business. We are actively seeking quality ARs that are disaffected by their current offering and will also use some cash resources to grow the network through business acquisition.

“Any firm or individual who is looking to secure their future is welcome to meet me to see how we can achieve this.”