Contractors look set to benefit from a broader range of financial services developed specifically with contractors needs in mind following CMME acquisition of rival financial adviser Contractor Financials.
“This is an exciting development for contractors and freelancers across the UK, as we know this opportunity will allow us to have greater influence on lenders,” highlights CMME CEO Sat Singh.
“We are keen to broaden the choice for this growing sector and will continue working to develop financial products that meet contractor’s needs.”
CMME, which is ContractorCalculator’s chosen financial adviser partner, has also received investment from private equity firm Livingbridge designed to “accelerate growth”. The combined group will employ 130 specialist staff and deliver over 6,000 contractor mortgages each year.
“We look forward to working with the enlarged group,” notes ContractorCalculator CEO Dave Chaplin. “Having worked closely with Contractor Financials in the past and with CMME since February 2015, we are well positioned to work with the merged team and continue keeping contractors abreast of the latest news and products from the financial sector.”
Chaplin believes that the combined operation will have a critical mass of contractor clients that will enable CMME to negotiate even more contractor-specific products from lenders: “CMME and CF pioneered financial products such as mortgages based on contract rates and protection products such as relevant life policies that take into account contractors’ full earnings and not just salary.
“The new group will have even more influence over lenders and life insurers that should result in further financial services innovations that directly benefit contractors.”
Singh continues: “The business has ambitious growth plans and the investment and support from Livingbridge will help the enlarged business to invest in marketing and systems to improve its operations and market position.”
He concludes: “The acquisition of Contractor Financials, will allow us to create a market leading proposition and build a best of breed business with a view to serving the financial interests of the contractor freelancing community.”