MANCHESTER Building Society has bolstered its mortgage broking operations with a swoop on the Cotswolds, which will add around 90 appointed representatives and £330,000 in annual commissions.

The society, the UK's 25th largest with assets of more than £870m, has completed the deal through its subsidiary, Mortgage Broking Services.

It has bought the broking operation from Cotswold Mortgage Services, of Cirencester, in which it held a 20 per cent stake - now sold as part of the deal.

David Cowie (pictured), chief executive of the Manchester, said consolidation in the sector was necessary to maintain economies of scale, as business volumes fall during the depressed housing market.