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.
Peter Brodnicki, CEO of Mortgage Advice Bureau, 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 enhancethe consumer and adviser experience.”
