Monday saw the announcement that Countrywide have acquired Bournemouth based Mortgage Intelligence, one of the largest mortgage distribution networks, for an undisclosed sum. Countrywide owns CPL one of the largest conveyancers in the country and is one of the UK’s largest and most successful estate agency and property services Group, operating more than 1,300 associated branches across England, Scotland and Wales.
It would seem that Countrywide, unlike many conveyancers out there, are not leaving their market share to chance, by grabbing as many opportunities as they can with both hands. Following this acquisition their mortgage market share is now 6 per cent.
Whilst many conveyancers are currently debating the impact of alternative business structures or whether they should set up a property shop, Countrywide appear to be taking ‘giant’ steps and protecting their position.
We can only speculate but it is likely that, with the acquisition of Mortgage Intelligence, the referral of the conveyancing work from Mortgage Intelligence will be sold through the Countrywide brand and the CPL panel. When you consider they completed around £3.5 billion worth of mortgages in 2010 this could result in a significant move in conveyancing work.
Countrywide, however, aren’t resting on their laurels with the acquisition of Mortgage Intelligence and were also, until recently, in talks with Savills Private Finance. Although those have now collapsed, according to Money Marketing, it would appear that Countrywide are ‘seeking out further acquisitions’.
Do you think that, to succeed where others are currently failing, organisations need to look at the services they offer and diversify – what opportunities are you grabbing with both hands?
Today’s Conveyancer, bringing you the latest conveyancing news and updates.