Monday, June 24, 2024

Mortgage Advice Bureau acquires remaining shareholding of First Mortgage Direct

Derby-based Mortgage Advice Bureau (MAB) has acquired the remaining 20% shareholding of First Mortgage Direct for £9.35m from Managing Director Ian McGrail.

It follows the firm’s acquisition of 80% of First Mortgage in 2019.

First Mortgage made a profit before tax of £5.4 million in the year ended 31 December 2023, and had net assets of £9.3 million as at 31 December 2023. Ian McGrail will continue to be Managing Director of First Mortgage.

Ben Thompson, Deputy CEO, MAB, said: “Acquiring an 80% shareholding in First Mortgage in 2019 was strategically important to MAB at the time, enabling us to grow our expertise in specific market specialisms such as new build, and accelerate our overall market share as a Group.

“Despite the various challenges we all faced together over the last five years, the business has grown substantially in size and in profitability and has become even more important to MAB. We are therefore really pleased to have now acquired the final 20% shareholding from Ian McGrail.

“Importantly, we are delighted that Ian has decided to commit to stay on as Managing Director and take First Mortgage further over the coming years, having done such an excellent job of the last five, and indeed the years prior to that.”

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