Last checked at 12 Jul 2022 07:00
12 July 2022
Mortgage Advice Bureau (Holdings) plc ("MAB" or the "Company")
Completion of acquisition of The Fluent Money Group
Following the announcements on 28 March 2022 and 5 July 2022 in connection with the acquisition of 75.4%1 of The Fluent Money Group (the "Acquisition"), MAB is pleased to announce the completion of the Acquisition. The total consideration paid at completion was £72.7 million.
The transaction is expected to be significantly earnings enhancing in the first full year post acquisition, being the year ending 31 December 2023.
The Fluent Money Group ("Fluent") is a fast-growing mortgage and specialist lending intermediary that has formed strong relationships with aggregators and other national lead sources operating across first charge, second charge and lifetime mortgages, and bridging loan product areas.
Fluent's model is built on an end-to-end digital customer journey supported by telephony advice. This combination delivers an exceptional customer experience across Fluent's range of products.
Fluent has been very successful at winning new mandates from existing and new lead partners and is well positioned to capture significant new business opportunities. It is currently experiencing strong momentum, with the potential for accelerated growth and market share gains resulting from rapidly increasing lead flow as the business scales.
MAB will work closely with Fluent's management team to drive higher margin retention and protection opportunities within Fluent, and expects to rapidly progress through its focused integration plan post completion.
Peter Brodnicki, Chief Executive Officer of MAB, said:
"We are very excited to partner with a like-minded management team and high growth intermediary that is a leader in centralised telephone mortgage advice. This acquisition is a perfect example of our strategy to invest in complementary businesses and platforms to help accelerate growth by broadening our proposition to access more customers. MAB has targeted the fast-growing sector of national lead generation by using technology to link together its key Appointed Representatives and invested firms seamlessly. Combined, we expect that Fluent and MAB will be able to grow this new market share opportunity quickly and effectively, complementing the local/regional strategy delivered by the rest of MAB's growing distribution."
1 Together with a put and call option over the remaining interests
Investor support
Enquiries:
Mortgage Advice Bureau (Holdings) plc | +44 (0)1332 525007 |
Peter Brodnicki, Chief Executive Officer Ben Thompson, Deputy Chief Executive Officer Lucy Tilley, Chief Financial Officer
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Nominated Adviser and Broker: Numis Securities Limited Stephen Westgate / Giles Rolls
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+44 (0)20 7260 1000 |
Media Enquiries: investorrelations@mab.org.uk |