Genesis in the mood to expand

Genesis Home Loans says it is happy to enter into discussions with other networks after its merger with Guaranteed Home Loans.

Nigel Gardner, business development director at Genesis, says: “We are in the mood to grow as a network and are happy to enter into discussions with small networks or appointed representatives looking for a change of direction.”

Genesis and Guaranteed last week revealed that subject to Financial Services Authority approval, the companies are merging. Initially they will trade as separate brands, with John Smith, managing director of GHL, joining the existing Genesis directors in forming a new board.

However, Gardner says it is not yet known how long the companies will work under separate names, or even if a new name will be created.

He says he hopes the merger will create jobs in the company but that it is too early to say whether it will create jobs in the wider industry.

Gardner says: “In terms of new staff, it will depend on how the business develops and this will be dictated by the market.”

In June this year, the directors of Genesis purchased the entire shareholding in the mortgage network, packager and branded lender back from Mortgages PLC. But Gardner says this will be a different relationship to the one Genesis had with MPLC.

The network compliance function for the merged company will be based at the Genesis office in Peterborough though network arrangements will continue independently during the transition period.

The Genesis packaging operation will move to Guaranteed’s Maidstone premises, with branded lending operating from the Genesis office in Peterborough.