As a result Peter Birch will join the MAB board as the second largest shareholder, while Chief Executive Peter Brodnicki will continue to run the company and will retain a majority stake in the MAB Group.
This news comes on the back of last week’s record profits announcement by MAB, with the company’s position strengthened further by today’s news.
Platform for expansion
For both businesses the benefits are clear; increased scale while maintaining the high quality of distribution, providing a platform for expansion, diversification, benefits of best of breed, and increased profitability. The combined group will have over 500 advisers, with mortgage applications set to top £4.5bn this year.
The merger of Mortgage Talk into MAB lays the groundwork for ambitious growth plans. The Mortgage Talk brand and reputation in the new build arena was a key driver in facilitating the deal, with significant expansion planned on the back of an exciting new AR proposition focused on this specialist sector.
All other distribution will sit under the MAB brand, including the Network proposition that continues to grow very strongly, and is attracting some very high quality and ambitious businesses.
Peter Brodnicki, Chief Executive of Mortgage Advice Bureau, comments:
“This is great news for both companies, as it will allow us to create a truly formidable force in the mortgage industry.
“I am really looking forward to working with the Mortgage Talk directors and management as we look to diversify and expand the MAB group, while retaining the focus on maintaining quality and increasing efficiency. The advisers and businesses that work with us are the key to our success, and the strengthening the MAB group can only be good news for them in terms of the support and solutions we can offer.
Peter Birch, Chairman/Owner of Mortgage Talk, comments:
“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 for everyone associated with Mortgage Talk and MAB.
“On a personal level I am looking forward to working alongside the MAB directors who I have known and respected for many years. There is also a terrific cultural fit between the two companies, and by combining two exceptionally strong senior management teams under MAB's market leading DA proposition, I am sure it will hugely benefit our existing partners and advisers, as well as giving us real scope to launch a new and truly innovative offering to builders and specialist new build mortgage brokers throughout the UK.”
