Mortgage Advice Bureau expands with acquisition of rival
Wednesday 21st March 2012
Mortgage Advice Bureau, which operates out of estate agency offices, has completed the acquisition of former rival Mortgage Talk, in exchange for shares in the MAB group.
As a result, Peter Birch will join the MAB board as the second largest shareholder, while MAB chief executive Peter Brodnicki retains a majority stake and will continue to run the business.
This news follows record profits announced by MAB last week for 2011.
The combined group will have over 500 advisers – up from MAB’s current 350 – with mortgage applications set to top £4.5bn this year.
Brodnicki said: “This is great news for both companies, as it will allow us to create a truly formidable force in the mortgage industry.”
Birch, chairman owner of Mortgage Talk, said: “I am really excited about the opportunities that the bringing together of two of the largest and best known mortgage intermediaries in the UK creates.”
The new entity is set to expand into the new-build mortgage market.
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