View more on these topics

Richard Griffiths would do well to mind his own business

I am writing with regard to the league table of mortgage networks printed in the April 7 issue of Mortgage Strategy, and the associated comment by Rich-ard Griffiths.

It would be nice if Griffiths said something positive for once, rather than being cynical about other firms in his sector.

But perhaps it’s easier for him to be cynical than focus on the performance of his own business compared with its competitors.

The last time this table was published, Griffiths accused Pink Home Loans of talking an expansionary game but said it had done little about it.

Three months later, following our investment in BDS Mortgage Group, he conveniently ignores this and instead turns his attention to predicting that we will close the business and the brand within two years.

He cites the absorption of the En-able network into Pink as a prior example of this sort of behaviour.

For the record, when Pink took control of Enable we made it clear to the market from day one that the Enable brand would disappear.

Enable was already part of Skipton Group and its then parent, Direct Life and Pensions, was keen to focus its business model elsewhere. There was no existing management outside DLP, no infrastructure and no long history of operation.

Since the takeover, we have seen only a small proportion of Enable’s appointed representatives leave, with the majority being more than happy with Pink’s proposition.

When we invested in BDS we stated at the outset that the two businesses would remain separate entities with unique selling points.

BDS is an established, successful and profitable business. There is an existing management team, infrastructure, culture and brand loyalty.

The network is growing strongly, as is the satellite packaging side of the company.

To lose the opportunity that having two brands in the marketplace offers would be to miss out on significant growth opportunities for both Pink and BDS.

This is perhaps best demonstrated by the fact that BDS has recruited more ARs in the first quarter of 2008 than Griffiths’ Network Data.

Meanwhile, the other top three networks each grew by a minimum of 27 ARs whereas Network Data acquired just seven.

Perhaps it’s time for Griffiths to concentrate on steering his own business back to profitability rather than sniping at competitors that are growing at a rather healthy pace.

I wait with interest to see how the table looks in two years’ time and can assure you that entries for both Pink and BDS will still be there.

Barry Meeks
Chief executive
Pink Home Loans
By email

Recommended

AToM looking to take on 10 staff

All Types of Mortgages is bucking the market trend by launching a re-cruitment drive for 10 staff.The packager is looking to appoint eight BDMs and two sales managers.Dale Jannels, sales and marketing director at AToM, says: “Opportunities exist even at this challenging time and we’re keen to maintain a quality service for all brokers.”Magic Loans […]

Government goes some way to boosting liquidity

Apologies for the radio silence for a week but things have been a bit crazy in the wonderful world of mortgages.It was nice to see the government hatch their cunning plan to get things back on track in the lending markets. For some reason just telling lenders to pass on the rate cuts and not […]

AMPD guarantees proc fees

The Alliance of Mortgage Packagers and Distributors has radically altered the reporting and payment structure for members, to guarantee proc fees. AMPD members have agreed to report their financial position to independent auditors every six months and have committed to a set of payment standards which means that proc fees should take no longer than […]

Newsletter

News and expert analysis straight to your inbox

Sign up