Network & Packager news

BDS acquisition 'first part' of Pink growth

11 February, 2008

The union will result in a combined business model although the businesses themselves will retain their individual identities.

The businesses originated a combined total of £13 billion in lending during 2007, with new group benefitting from an overall base of 550 business writers and 45 satellite packagers.

Former Pink MD Barry Meeks becomes the group's chief executive, with David Copland taking up the vacant role at Pink.

Additionally, Phil Jay will remain as BDS managing director, with Ian Nelson moving into a non-executive director position.

Meeks 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."

Looking towards the future, he added: "We will seek out similar additional opportunities to join our Group as they arise.”

Abbey for Intermediaries' managing director, Ricky Okey, said: "Both Pink & BDS have good reputations within the market and the combined group will enhance their proposition.

" Lenders work well with networks who can help to deliver competitive products and attractive propositions into the market and I expect the new investment will help achieve this for the group."