Brokerage Mortgage 1st has bought fellow Derbyshire-based firm Peak Mortgages & Protection for an undisclosed sum.
Mortgage 1st, founded in 2008 by Jon Stones, says the acquisition will boost its adviser headcount by more than 30%.
Managing director Stones operated the business as its sole adviser for its first five years, but subsequently added brokers.
The firm is also run by his wife, operations director Lisa Stones, and is an appointed representative of the Stonebridge Mortgage Solutions network.
Peak Mortgages was founded by Rhys Schofield in 2018, has more than 2,000 clients across the country, and specialises in such areas as first-time buyer deals, remortgages and family protection.
The firm will continue to run “as a trading style” under Mortgage 1st, with Schofield “continuing his role as the face of Peak and overseeing their advisers”.
Mortgage 1st’s Jon Stones says: “Rhys has done a wonderful job with Peak, quickly establishing their standing as the go-to brokerage in Belper before expanding that proposition across Derbyshire.
“During preliminary discussions it became very apparent that we shared the same core values as business owners which played a key role in getting this deal done so quickly.”
Peak Mortgages founder Schofield adds: “Working alongside like-minded people, who share the same drive and dedication was an absolute must for me, knowing that my team could fulfil their own ambitions and be supported along the way was huge from a personal perspective. Jon and Lisa have built a wonderful brand.”
Mortgage 1st’s Lisa Stones points out: “After months in the planning we are delighted to get this over the line. This deal wouldn’t have been possible without the help and support of Stonebridge.”
