Genesis and Guaranteed merger approved

The directors of Genesis Home Loans and Guaranteed Home Loans are pleased to announce that, following FSA approval they have now completed their merger first announced at the end of August 2005.

Initially, both companies will continue to trade under the separate brands, with Nigel Gardner (managing director), John Smith (sales and marketing director), Mark Smith (IT director), Neville Sharman
(operations director) and Frank Thurlby (compliance director) forming the new board. Barry Robson the previous managing director of Genesis will move to a non-executive role within the new company and Hilary Penfold and Alan Powell previously directors with Guaranteed Home Loans take up new positions as head of group training and head of group recruitment respectively.

Nigel Gardner says: “Todays announcement is great news for everyone involved. A successful network needs a critical mass of appointed representatives and this merger will see us doubling in size, providing us with the opportunity to service our customers more effectively.

John Smith adds: This merger will further enable us to provide the products, services, technological platform and compliance support needed to ensure we run a successful network and packaging company for our customers.

As previously indicated the network compliance function for the merged company will be based within the Genesis office in Peterborough. Compliance director Frank Thurlby says: My task in the short term will be to standardise the compliance regimes of the two networks with as little disruption as possible to our appointed representatives

The branded lending operation, finance, marketing and personnel functions will also be based in Peterborough with the packaging, sales, and training functions being based in Maidstone.

Neville Sharman, operations director, says: This announcement will inevitably lead to operational changes in both offices, however this merger has been undertaken to ensure a positive future for the staff of the combined business and we envisage a number of vacancies being created over the course of the next 12 months.”