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Mortgage Broking Services has bought Professional Mortgage Partnerships Network (PMP Network) for undisclosed terms. The merger combines the two firms, which will operate under the same banner.

The new firm will be branded as Mortgage Broking Services (MBSL) and, according to the latest published tables, will create the fourth largest mortgage network in the UK.

MBSL is a wholly-owned subsidiary of Manchester Building Society, the UKs 28th largest building society. The merger has created a combined workforce of more than 400 mortgage advisers within 294 appointed representatives.

Chantel Clague of solicitors firm Weightmans led the legal team that provided advice to MBSL throughout the acquisition.

Michelmores provided legal advice throughout the deal and were the lead adviser to the shareholders of PMP Network.

The legal team from Michelmores was led by a senior solicitor in the company commercial department Johanna Probert. Probert was assisted by the firm’s financial services and markets head Philip Ryley who advised on the regulatory issues that arose during the transaction.

MBSL managing director Tony Corrigan will retain his position and the same role within the enlarged group. Chief executive of PMP Network Bob Scott has joined the board of MBSL as a non-executive director.

For the time being the existing members of the mortgage firms will continue to operate with their existing mortgage sourcing system. This action has been taken to minimise any potential disruption as a result of the merger and following integration.

A final decision on any future changes to the sourcing system is likely to be undertaken early next year.

Corrigan said: “This merger is very much about economies of scale, which will ensure that both existing MBSL and PMP members will benefit from the enhanced bargaining power of a larger network. MBSL’s proposition is generally recognised to be one of the lowest cost compliance solutions in the sector and this will be reinforced by this merger.”

MBSL's proposition is generally recognised to be one of the lowest cost compliance solutions in the sector and this will be reinforced by this merger.”

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