Group takes shareholding in Mortgage People Ltd

29 August 2007

Finance group takes shareholding in Mortgage People Ltd

G&S Investments Ltd has taken a one third shareholding in Mortgage People Ltd.
G&S, a private company owned by interests associated with Glenn Hawkins and Stephen Eltringham, also owns 100% of Avanti Finance and Think Finance.

"We see this as a great opportunity to invest in a well established and well run mortgage and insurance operation," said G&S CEO Glenn Hawkins. "It complements our longer term development strategy which is built around partnerships and finding solutions for our clients."

Both companies were established around 1990. Avanti Finance provides financial solutions to customers directly and through its nationwide broker network. Mortgage People is a well-established mortgage broker business that operates primarily in the bank market.

"We have known the management of Mortgage People for many years and have watched them build a solid brand and reputation with their customers as well as the banks," said Mr Hawkins. "We see this business as very similar to our own, one that is built around sound management, steady growth and a strong team."

Mr. Hawkins commented that the broker sector would experience some interesting changes over the next few years as banks change their commission levels.

"This investment is about a long term commitment to a good company where we can continue to grow the brand by providing more options for customers. We believe a broader management team will add significant value and market experience for Mortgage People Ltd. We look forward to our businesses working more closely in the future," he said.

No financial considerations were disclosed.

ENDS

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