Peter Brodnicki, Chief Executive and co-founder of Mortgage Advice Bureau, comments regarding the business’ announcement of its intention to float on the London Stock Exchange plc’s Alternative Investment Market (AIM).
This will involve a 45% free float which will see Peter Birch – who received shares in MAB when it acquired Mortgage Talk in 2012 – fully exiting the business with all other shareholders retaining the majority of their shares post-listing. Stock market conditions will dictate the ultimate timing of the listing.
The current board of three (Peter Brodnicki; David Preece, Chief Operating Officer; and Paul Robinson, Finance Director) will be increased to six following the appointment of three non-executive Directors: Katherine Innes Ker, Nathan Imlach and Richard Verdin. Katherine will serve as MAB’s non-executive Chairman.
Peter Brodnicki commented:
“The MAB journey has been an exciting one, even throughout the recession, and our proposed AIM listing is another milestone in MAB’s history. It also ensures that the running of the company remains 100% in our hands, whilst providing an ideal platform for the future, as we look to capitalise on the tremendous opportunities for intermediaries as change in our industry continues to gather pace.”
“The team at MAB has worked hard to build a mortgage and protection network we can be proud of, which has attracted forward thinking and ambitious intermediary firms. We have also built a leading UK mortgage intermediary brand with a focus on the quality of distribution and the customer experience.”
“I have been delighted by the quality of businesses and individuals that we have been able to attract to MAB, and like the rest of the board and MAB team, I am extremely excited about the future as there is so much more we can achieve together. Our new board members will bring with them significant expertise and experience, as well as providing external oversight for the business.”
“The UK mortgage market provides those seeking a mortgage with a choice of over 70 lenders and many thousands of mortgage products. The majority of borrowers use an intermediary and, following the Mortgage Market Review which introduced the requirement for advice on residential mortgages, the number of borrowers seeking advice from intermediaries is increasing. With product choice continuing to improve, which is good news for our customers, I believe the future for the mortgage intermediary is extremely positive.”