23/09/2008 - SimplyBiz Acquires 100% of SimplyBiz Mortgages
SimplyBiz plc, the fastest growing financial services support company in the UK, is pleased to announce the acquisition of the total share capital in SimplyBiz Mortgages Ltd for an undisclosed sum.
SimplyBiz Mortgages was established in 2005 as 50/50 joint venture and has shown significant growth since launch. SimplyBiz felt that the present market and economic conditions presented an opportunity to acquire 100% of the company with a view to further enhancing their future development.
SimplyBiz Mortgages provides mortgage club facilities and services to client firms of SimplyBiz and Compliance First. Lending placed through the club has increased by over 20% this year despite the adverse mortgage conditions which have seen overall lending in the market drop dramatically.
Ken Davy, Chairman of SimplyBiz plc, commented: “There are not very many good news stories in the mortgage market at the moment but the positive way that SimplyBiz Mortgages is bucking the trend gives us and the firms we are serving increased confidence in the future. We appreciate the support from our partners to date in creating a solid foundation and SimplyBiz now looks forward to continuing this success.”
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