Stonebridge Group has announced that Shepherd Direct, the national property services group, has acquired a minority stake in Stonebridge.

Stonebridge already has 175 appointed representative (AR) firms within the network and is looking to increase this number significantly by the year end.

It also has plans to expand the number of directly authorised firms who use its point of sale system, Revolution, together with its mortgage, protection and general insurance panels.

Richard Adams (pictured), managing director of Stonebridge, said: “This marks the next step in the evolution of Stonebridge Group and will enhance our position as a major player in the mortgage and protection network market. The operations of both groups overlap without competing and by working together we will be able to secure additional benefits and operating efficiencies.

“The financial stability and logistical support provided by Shepherd Direct will enable us to further develop our already market-leading proposition in order that we are able to continue the significant growth we have achieved over the past two years.”

Paul Gratton, Shepherd Direct Group CEO, added: “Richard Adams and his team have done a hugely impressive job of building a fantastic business at Stonebridge – we are really looking forward to working with them to help support their ambitious growth plans both organically and through selective M&A.

“Shepherd Direct already has extensive relationships with mortgage lenders as a surveying and valuations partner and we intend to extend the group’s reach in terms of aggregating mortgage lending and building deeper relationships with those lenders.”