SpecialistJun 15 2017

Fluent Money expands with broker buyout

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Fluent Money expands with broker buyout

Second-charge distributor Fluent Money is expanding its operations after buying out Manchester-based broker and packager Brytannic Extra Finance.

Brytannic currently deals with specialist first-charge mortgages and equity release, and its expertise in these areas will complement Fluent’s existing intermediary proposition.

Following the acquisition, Brytannic will be rebranded Fluent Mortgages Limited and will move its 18-strong team into Fluent Money’s head office in Horwich, near Bolton.

The move follows record growth in the equity release market during the first quarter of 2017, with the total value of lending soaring to £697m - up by 77 per cent from £394m in Q1 2016.

Kevin Hindley, chief executive at Fluent Money Group, said: “We have known [Brytannic managing director] Dan Payne and his team for some time and have always been impressed with the way they do business. 

“They share the same philosophy on customer care as we do and therefore when we were looking to expand the group’s activities, it was a logical choice to talk to Brytannic.

“Fluent Money has built a strong reputation as a leader in second charge distribution and it stands to reason for us, through Brytannic, to enable the group to move into other areas, without compromising the strength of our core offering or the relationships we have built in the intermediary space.”

Daniel Bailey, principal at Derbyshire-based Middleton Finance, commented: “I can understand why they are expanding into equity release. It is such a growing market, and lending is increasing year-on-year. There is also plenty of appetite for first-charge at the moment.”

simon.allin@ft.com