LONDON, UK: Mortgage Advice Bureau Limited has agreed to acquire roughly 75% of Project Finland Topco Limited (Fluent Money Group) for a complete money payment of c.£73 million based upon an enterprise worth of £95 million along with a put and name option over the remaining interests.
Fluent is a technology enabled phone recommendation mortgage broking platform that has developed an finish to finish digital buyer journey, with roughly 420 employees collectively with c.125 advisers throughout Mortgages (first cost mortgages), Secured Personal Loans (second cost mortgages), Later Life lending and Bridging Finance.
The acquisition will be funded from renewed and elevated debt facilities, existing money resources and the proceeds of a proposed placing of new ordinary shares within the company, to raise c. £40 million, additionally announced
The acquisition is conditional on admission of the Placing Shares to buying and selling on AIM and approval by the FCA of the change in control. Completion of the Acquisition is not anticipated to happen earlier than the second half of 2022.
Peter Brodnicki, Founder and CEO of MAB, said: “We are very excited to partner with a like-minded administration team and excessive growth middleman that’s a chief in centralised phone mortgage advice.
This acquisition is an ideal instance of our technique to make investments in complementary companies and platforms to assist speed up growth by broadening our proposition. MAB has focused the fast-growing sector of nationwide lead generation by utilizing technology to hyperlink collectively its key Appointed Representatives and invested firms seamlessly. Combined, we expect that Fluent and MAB will be able to develop this new market share alternative quickly and effectively, complementing the local/regional technique delivered by the remainder of MAB’s rising distribution.”
www.mortgageadvicebureau.com