Chief says no member resignations imminent

Three quarters of Broker Network’s (BNL) 167-strong membership attended its roadshows which took place in six locations across the UK last week, the company has revealed.

The roadshows, which were intended to provide more detail about the implications of the recent bid from Towergate, led to heightened speculation that there was set to be an exodus of members.

In a statement, the Broker Network said the vast majority of Members were “very positive” about the move, with “many looking forward to the additional benefits which Towergate will be able to help Broker Network deliver to them.”

BNL chief executive Grant Ellis said that the company’s network competitors had used the roadshows as a means stoking fears that some of its members were set to depart.

He said: “It wasn’t surprising that our competitors chose to mischievously label our roadshow as an attempt to avoid a mass exodus of Members. The fact is nothing could be further from the truth. We wanted Members to hear at first hand what the deal means for them, and to give them the chance to pose questions and to get honest answers within an open forum.

Commenting on the roadshow, Tony Green of AS Green & Co said: “I have listened to Grant and to his team and I feel comfortable that the reasons behind their proposal to sell the company to Towergate are both sound and astute. There’s no doubting that Broker Network is a very well run business – I’m willing to assume that the management know what they’re doing – they have proven this to us in previous years.”

Jeremy Pace, Director of Pace Ward Ltd added: “I feel that this is a fantastic opportunity for Broker Network and all its members. It brings immediate growth to the Network and inevitably, we’ll benefit from access to bigger and better and deals.”

Ellis said that members loyalty and business acumen would ultimately lead them to stay. “I think our competitors are underestimating how considered and loyal our Members are. Sure, they’re all independent businesses, so are free to make up their own minds about what they want to do.

“However, they are all rational hard nosed businesses too, and will not ‘knee jerk’ until they have all the information to make an informed decision. It’s telling I think that we have not had a single Member resignation since the announcement two weeks ago.”