Chancellors Group of Estate Agents Ltd. has acquired a majority stake in the brokers, Alexander James Mortgage Services (AJMS).
The deal means that the Bracknell based agency firm – one of the largest independently owned estate agents in the UK with 52 branches across the Home Counties, Oxfordshire, Herefordshire and London – now owns the majority shareholding of the business with the remainder held by existing Managing Director Nigel Glossop.
With advisers in an increasing number of branches across Chancellors’ network, and more planned for 2016, AJMS has experienced exceptionally strong growth with the business more than doubling in size over the last 12 months, with similar growth expected in 2016. AJMS was started by Mr Glossop which now has 18 advisers with the business’ growth supported by Mortgage Advice Bureau (MAB), with whom they have renewed a five year agreement.
AJMS has been focused on building strong foundations by partnering with a network that they trust, and which provides the support and expertise for customer focused business with ambition. Whilst maintaining and enhancing these strong foundations, AJMS now plans to extend its traditional and telephone based mortgage services operation to other Chancellors’ branches, as well as independent estate agency businesses across the south.
Nigel Glossop commented:
“I have worked with Chancellors for two years, and am very excited to announce this deal as it will give AJMS the support and capital to move our business on and continue to build on the strong and sustainable growth that we have achieved to date.”
Chancellors Operations Director Darren Simpson commented:
“We are delighted to have partnered with Nigel and MAB, with whom we have a great working relationship. It is exciting for us to be able to take our relationship to the next level by becoming shareholders alongside Nigel in AJMS. This will give Chancellors a solid financial services offering for our vendor and landlord clients, as well as the 10,000 plus purchasers who register with us every month.
“We will now be launching a significant recruitment campaign to attract further high quality mortgage brokers across to AJMS. In return, we will be able to offer career building opportunities to high achieving and ambitious advisers, including guaranteed appointment levels from our branches and centralised lead generation team.”
Peter Brodnicki, CEO of Mortgage Advice Bureau, commented:
“Chancellors and Nigel make a formidable partnership with exceptionally high expectations in terms of both the customer experience and business growth. MAB are delighted to extend our relationship with AJMS and help them deliver their ambitious plans in what will be very exciting times for the business and all connected with it.”