John Charcol has acquired the Simply Finance Group for an undisclosed sum.
The deal adds a new secured loan capability, Simply Loans, to meet the growing market of customers seeking a second charge on their property, according to the acquiring firm.
Launched in 2006 by Peter Williams and Ben Larkin, Southampton-based Simply Finance has grown into a recognised brand within the industry, with more than 30 advisers on staff. This means John Charcol will now have more than 115 mortgage advisers.
Under the terms of the deal, John Charcol’s chief executive Simon Knight, and managing director Walter Avrili, will join the Simply Finance board.
Founding directors Mr Williams and Mr Larkin will join the senior management team at John Charcol.
Mr Knight said the acquisition of Simply Finance gave immediately increased capacity, an extension to the customer proposition and capabilities that complement existing areas of strength.
Mr Williams added that John Charcol was a natural partner as the business entered its next phase of growth.
He said: “This is a great deal for our staff and customers enabling us to invest further in areas of the business where we can offer a winning mortgage proposition.”
John Charcol has been advising clients on their mortgage and protection needs for more than 40 years.
This deal comes after Towergate Insurance sold advice arm Towergate Financial in March last year, as well as its financial planning arm and mortgage broker John Charcol, to Palatine Private Equity for £8.6m.