Two big networks plan to double in size this year

Two of the industry’s biggest networks are gearing up for recruitment drives, fuelling talk of consolidation in the sector.

Pink Home Loans and The Mortgage Times Group have unveiled plans to double in size by the end of the year.

Pink’s strategy is to expand by acquiring rival networks while MT aims to recruit appointed representatives from other networks as well as directly authorised firms.

Chris May, director at MT, says: “We are going to double our figures without having to acquire any firms.”

Rival network Prestbury recently said that it is open to takeover offers.

Francis Maude, chairman of the Conservative Party and chairman of Prestbury, says: “It is widely accepted that the mortgage and insurance distribution market needs to consolidate.”