Damian Cain, director of Complete, says: “It is a very difficult time for everyone in the industry, and the whole sector is experiencing unprecedented change in the ways that lenders intend to distribute the ever-decreasing number of intermediary-based mortgage products in future.
“The packager sector has been particularly hard hit and even well-run and successful businesses such as SMS can find that their business models now fail to fit the rapidly changing nature of the mortgage distribution market.
“Our sympathy goes out to the directors and work force, which include a high proportion of experienced and talented individuals. Solent have for a long time been forerunners of the packaging industry and the management team are popular figures within our community.
“We wish them all the best at this difficult time. As far as Complete are concerned we remain in the market and continue to offer distribution to a large lender panel. Hopefully, with continued lender and introducer support we can continue to prosper and be in a position to help some of SMS’s staff and business partners to remain in the industry.”