Meridian Mortgages has announced the acquisition of specialist shared ownership broker firm, Metro Finance.

The move sees Meridian, which itself is 40% owned by Mortgage Advice Bureau (MAB), take 100% of the shares in Metro. The broker firm is to remain an independent company, with all its 42 staff still employed in Sheffield.

This set up will also see the birth of a new ‘Meridian Holding Group Ltd’ incorporating Metro and Meridian sitting independently alongside each other.

Metro managing director, Jon Lord, commented: “All of us at Metro are super excited to become part of the Meridian group of companies. Our work in the shared ownership sector has always been service focused, the partnership with Meridian allows us to take our new group proposition to the next level.

“We will offer multifaceted expertise to housing associations and developers offering multi tenure site with a service driven proposition which will perfectly match the marketplace.”

Meridian Mortgages, which is an appointed representative of MAB, is a new build specialist broker firm based in Leicester and has a nationwide base of 48 mortgage advisers.

The firm’s group managing director, Allan Warren, added: “We are very excited to bring Metro into our stable, they are the leading broker in affordable housing with incredible knowledge of the sector and enviable service standards.

“Together we can offer a wider range for services to our house associations and national house builders, creating a seamless customer journey for all their potential buyers. We’d also like to thank MAB for not only making this deal possible but supporting us throughout the acquisition process.”

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