McSween to head Moneyquest

Moneyquest has appointed its first chairman and is targeting stock market flotation within two years.

The telephone and online mortgage, insurance and loan broker has revealed that Angus McSween will oversee its expansion, having previously helped web security firm Iomart achieve AIM listing.

McSween is the holder of the Glenfiddich Spirit of Scotland Award for Business.

The Glasgow-based broker’s expansion plan includes increasing staff from 130 to 200 and moving to larger headquarters in the city centre.

Moneyquest handled over 1bn of mortgage business last year and aims to process 3bn by 2007. The broker has built a strong position in the industry since its incorporation in 1989 and directors believe it has the potential to expand rapidly.

Paul Reynolds, operations director of Moneyquest, says: “It is tremendous for the company that someone with McSween’s innovative approach to business and proven record is joining us. He led Iomart to AIM listing and we believe he will provide strong strategic leadership as we aim to become top in our sector by 2007.”

Moneyquest says it has recently concentrated on high net worth customers and those who are looking to remortgage as opposed to first-time buyers, as there is a higher conversion rate. By doing this, the firm has seen business grow at a healthy rate despite a modest housing market slowdown.

While Moneyquest aims to be the largest mortgage broker by volume by 2007, it says its biggest rivals are the lenders themselves.

The company fears that because lenders are becoming better at retaining customers and providing strong rates direct, brokers are battling choice of distribution channel as much as they are each other.