Mortgage 1st has completed a deal to acquire fellow Derbyshire-based adviser Peak Mortgages & Protection.
This is the first acquisition by the Chesterfield-based mortgage and protection adviser and one that will see it grow its adviser head count increasing by more than 30%. Mortgage 1st currently has 49 advisers but plans to have a headcount of more than 100 advisers within two years, Paul Lewis, head of growth told Health & Protection.
The Peak team will continue on as normal with founder Rhys Schofield remaining in a senior role and reporting to Mortgage 1st managing director Jon Stones. No changes are planned to the name with Peak becoming a trading style of Mortgage 1st. The Peak brand will remain at its current location in Belper, Derbyshire and continue as a trading style under Mortgage 1st with Schofield remaining in his role as the face of Peak and overseeing their advisers.
“The team will be one and come together as a collective for all Mortgage 1st events” Lewis said.
“Mortgage 1st and Peak have their own USP’s, changing what has brought success to both would be unwise. Time will see the brands grow together and more than likely lead to fine tuning on both sides as we navigate an ever-changing mortgage market.”
Mortgage 1st was formed in 2008 by Jon Stones and is now jointly run by him and his wife operations director Lisa Stones while Peak was established by Rhys Schofield in 2018. He is known to the industry as the ‘Metallica of mortgages’.
Managing director Jon Stones (pictured left) said “the opportunity to bring Peak into Mortgage 1st is a unique and ideal scenario, one that will see us continue to grow but also maintain the exceptional culture that we have built at Mortgage 1st”.
“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,” Stones said.
Founder of Peak Mortgages & Protection Rhys Schofield (pictured centre) added: “We are extremely proud and privileged to be a part of Mortgage 1st. 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.”
Mortgage 1st is an appointed representative of Stonebridge which has been fundamental in supporting the firm with this acquisition as well as previous growth plans.