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Broking group snaps up ‘highly respected franchise group’

mergersandacquisitions

mergersandacquisitions
Francesca Krakue 1 minute read

A leading mortgage broking group has announced it has acquired franchise business Citiwide Homeloans.

MoneyQuest announced last week that it has acquired Citiwide Homeloans, a company which has been mortgage broking for 28 years.

Managing director Michael Russell said he was excited for the opportunity to acquire the “highly respected franchise group”.

“[Citiwide Homeloans founder and CEO] Patrick Marion and his team have done a magnificent job and have every right to feel very proud of the business they have created,” Mr Russell commented.

“We are absolutely thrilled to have acquired a business I have admired and respected for so many years,” he said.

According to MoneyQuest, the Citiwide brand is represented by a franchise group that caters for the needs of homebuyers and homeowners throughout Victoria.

Citiwide’s Mr Marion explained that in making the decision to sell the business, he wanted to ensure that the interests of its franchise network and clients would always be best served.

“I am delighted to be able to pass on the business to someone of Michael’s industry experience and care,” Mr Marion said.

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Mr Russell commented that he intends to operate the Citiwide franchise alongside the MoneyQuest franchise.

“Both brands have high credibility and currency and we are looking forward to sharing best practices to further enhance the operating efficiencies of both franchises and delivering an even better customer experience,” Mr Russell remarked.

This comes after MoneyQuest announced last month that it is expanding its service portfolio to include buyer advocacy, vendor advocacy and property management.

“We already know that the property market can be a daunting environment for buyers, sellers and investors,” Mr Russell remarked at the time.

“We’re confident that MoneyQuest is now well placed to help all parties overcome their anxiety and achieve greater success,” he said.

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[Related: Broking group enters real estate market]

Broking group snaps up ‘highly respected franchise group’
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