Completed sale
Independent Mortgages2
Nearly two decades of complaint-free trading, a referral-led business and more than 220 clients expected to renew over the next five years helped Independent Mortgages2 attract significant buyer interest before its shareholders stepped into retirement.
Based in Eastbourne, the FCA-regulated mortgage brokerage has been supporting clients since 2006, providing specialist advice on mortgages, remortgages and equity release. Alongside this, the business offers guidance on life assurance, property insurance and conveyancing, helping clients navigate a broad range of property and financial decisions.
Over the years, Independent Mortgages2 has grown largely through repeat custom and recommendations, with around 70% of work generated from existing relationships. The business has never relied on active marketing and, notably, has not received a single complaint since it began trading. Run entirely by its owners, it has built a loyal client following, with 221 customers expected to renew their arrangements over the next five years and a significant level of recurring commission income already secured.
With retirement plans in place, shareholders Nicholas Rogers and Wayne Peacock decided to bring the business to market. Led by Commercial Executive Helen Bainbridge, the sale process generated exceptional levels of interest, resulting in 75 enquiries, 19 meetings and 12 offers before a buyer was selected.
The transaction achieved the shareholders’ target valuation, delivering the outcome they had hoped for when beginning the process, also demonstrating the breadth of Knightsbridge’s buyer network.
The acquirer, Daffodil Mortgages, is a Buckinghamshire-based mortgage brokerage led by Gerard O’Sullivan. Providing advice across residential mortgages, remortgaging and specialist lending, the business shares a similar emphasis on personal service and long-term relationships. The acquisition brings together two firms that have built their reputations around supporting clients throughout the mortgage process.
As Nicholas and Wayne step into retirement, the acquisition provides continuity for existing clients while giving Daffodil Mortgages the opportunity to build on an established reputation and established stream of recurring income.
The Knightsbridge team wishes Nicholas and Wayne a long and happy retirement, and every success to Gerard and Daffodil Mortgages as they take the business forward.