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G&S takes stake in Mortgage People

Published 30 August 2007G&S Investments Ltd (Glenn Hawkins & Stephen Eltringham) has taken a one-third shareholding in Mortgage People Ltd. No financial considerations were disclosed. G&S also owns Avanti Finance Ltd & Think Finance Ltd. Mortgage People’s longstanding directors & shareholders are Carey Brunel & Glenn Christie. Josef Roberts joined their board in March.

G&S chief executive Glenn Hawkins said: "We see this as a great opportunity to invest in a well established & well run mortgage & insurance operation. It complements our longer-term development strategy, which is built around partnerships and finding solutions for our clients.

"We have known the management of Mortgage People for many years and have watched them build a solid brand & reputation with their customers as well as the banks. We see this business as very similar to our own, one that is built around sound management, steady growth & a strong team."

Both companies were established around 1990. Avanti Finance provides financial solutions to customers directly & through its nationwide broker network. Mortgage People is a mortgage broker business that operates primarily in the bank market.

Mr Hawkins said the broker sector would experience some interesting changes over the next few years as banks changed their commission levels. "This investment is about a long-term commitment to a good company where we can continue to grow the brand by providing more options for customers. We believe a broader management team will add significant value & market experience for Mortgage People. We look forward to our businesses working more closely in the future.”

Mr Hawkins’ father, former Equiticorp boss Allan Hawkins, is chairman of NZAX-listed company Cynotech Holdings Ltd, which runs its own finance business. Glenn Hawkins is a former director of Cynotech Finance Ltd & Cynotech Securities Ltd.

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Attribution: Company statement, story written by Bob Dey for this website.

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