Business
Acquisition of 80% interest in First Mortgage
Acquisition of 80% interest in First Mortgage.
About this update from Mortgage Advice Bureau (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 5817C Mortgage Advice Bureau(Holdings)PLC 18 June 2019 \n\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n18 June 2019\nMORTGAGE ADVICE BUREAU (HOLDINGS) PLC\n(\"MAB\" or the \"Group\")\nAcquisition of 80% interest in First Mortgage Direct Limited\nMortgage Advice Bureau (Holdings) PLC (AIM: MAB1.L) is pleased to announce that it has agreed to acquire 80 per cent. of the entire issued share capital of First Mortgage Direct Limited1 (\"First Mortgage\" or the \"Business\") for an initial cash consideration of £16.5m (the \"Acquisition\"), valuing the Business at £20.6m. The Acquisition is expected to be significantly earnings accretive in the first full year following completion and thereafter.\n1 First Mortgage has one trading subsidiary, Property Law Centre Limited, which is wholly owned. \nFirst Mortgage\nFirst Mortgage is one of the UK's leading omni-channel, independent mortgage brokers, with a particularly strong presence in Scotland, where the Business was originally established over two decades ago. The Scottish based business now comprises over 90 highly productive employed mortgage and protection advisers and has already commenced its expansion south of the border. Customers can access mortgage advice at its head office premises in Edinburgh, through one of its 14 mortgage shops, as well as remotely over the telephone, a channel through which First Mortgage has driven significant growth over the last few years. First Mortgage is one of the very strongest and most forward-thinking businesses in the UK mortgage intermediary market, with customers' current and future needs both integral to its strategy. \n \nUnder the direction of its highly regarded management team, First Mortgage has developed strong direct to consumer lead generation expertise. The Business also now acquires over half of its new customers via referrals from its existing customer base, as well as having outstanding repeat business levels. Both factors have driven its highly reputable brand presence which is substantiated by very impressive customer r...