Investment in Sort Limited

RNS Number : 7366I

Mortgage Advice Bureau(Holdings)PLC

11 December 2015

 

11 December 2015                                                                                                                                                                                         

Mortgage Advice Bureau (Holdings) plc

Investment in Sort Limited

Mortgage Advice Bureau (Holdings) plc ("MAB" or the "Group"), one of the UK's leading consumer mortgage brands and networks for mortgage intermediaries, is pleased to announce that it has made an equity investment of 23% in Sort Limited ("Sort"), owner of a leading online conveyancing portal, "Sort Refer".   The consideration of £0.35m is being funded out of MAB's existing cash resources. 

This is the first investment made by the Group since listing on AIM in November 2014, and is in line with the Group's stated strategy of making targeted investments to enhance the Group's distribution capabilities.

Sort's business is primarily focused on conveyancing, using the established "Sort Refer" brand.  Using Sort's proprietary technology, conveyancing instructions from mortgage advisers and estate agents are referred to certain selected law firms and licensed conveyancing firms.  Conveyancing services are closely linked with mortgage sales, as every mortgage requires conveyancing, including a remortgage. 

Peter Brodnicki, CEO of Mortgage Advice Bureau (Holdings) plc, said:

"The combination of legal and financial services, given they are so closely linked, represents an exciting opportunity for future growth.  Sort is a very ambitious, fast growing business and is well positioned to support our strategic objectives in that area, including the integration of Sort's software into MAB's MIDAS platform.  We are delighted to have made this investment in Sort which will build on MAB's expertise and distribution capabilities, as well as enhance the consumer and adviser experience."

Enquiries

Mortgage Advice Bureau (Holdings) plc                            [phone]

Peter Brodnicki, Chief Executive Officer

David Preece, Chief Operating Officer

Lucy Tilley, Finance Director

Nominated Adviser and Broker:

Canaccord Genuity                                                                  [phone] Roger Lambert Sunil Duggal Media Enquiries:  Instinctif Partners                                                                     [phone] Nick Woods Mortgage Advice Bureau Overview Mortgage Advice Bureau is one of the UK's leading consumer mortgage brands and networks for mortgage intermediaries with over 120 Appointed Representatives ("ARs") and over 770 Advisers. The vast majority of its Advisers are employed or engaged directly by the Appointed Representatives, although a small number are self-employed and engaged directly by MAB. Many of the ARs trade under the recognised and respected Mortgage Advice Bureau brand through a franchise model operated by the Group. MAB branded mortgage shops also form part of the franchise model. The Group's network specialises in providing independent mortgage advice to customers, as well as advice on protection and general insurance products. Mortgage Advice Bureau is particularly well known in the estate agency sector with circa 900 estate agency branches introducing their customers to the Group's ARs across the UK. The Group has also sought to diversify in other specialist sectors, including the new build market through its New Build Network.

 

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