Pink Home Loans And BDS To Combine Forces

Mon, 11 Feb 2008

Pink Home Loans has acquired a majority stake in rival packager BDS Mortgage Group .

The investment will see both firms continue to operate as separate businesses, maintaining brand strength and managerial structures.

Pink's current managing director Barry Meeks, who will become chief executive of the combined group, said: "It has been no secret that Pink has been ambitious in the targets it has set itself to become one of the largest mortgage networks in the UK and to significantly increase our product distribution capability."

"Our investment in a brand as strong as BDS demonstrates to the market the seriousness of our ambitions and our willingness to work with like minded companies to improve both the service we offer our customers and their income earning potential.

"We will seek out similar additional opportunities to join our Group as they arise," he added.

Phil Jay, managing director of BDS, commented: "Having the backing of a powerful brand such as Pink and ultimately Skipton will undoubtedly add a new perspective and impetus to the BDS proposition."

"BDS has ambitions to significantly grow its business model and bringing together the combined strengths of the two companies into what will be a formidable force in the UK mortgage distribution market and its great to see both businesses achieving their ambition."

The arrangement will see David Copland, currently Pink’s director of sales, take up the role of managing director, while at BDS; Ian Nelson will take a step back from his daily involvement by moving into a non-executive director position whilst Phil Jay will remain managing director of the group.

In 2007, the two firms created over £13 billion in lending and enjoy an overall base of 550 business writers and 50 satellite packagers.
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