Last checked at 29 Sep 2020 07:00
29 September 2020
Mortgage Advice Bureau (Holdings) plc
("MAB" or the "Group")
MAB Australia: new joint venture partner
Mortgage Advice Bureau (Holdings) plc (AIM: MAB1.L) is pleased to announce that Australian Finance Group Ltd ("AFG") is to become the Group's new joint venture partner for MAB Broker Services Pty Ltd ("MAB Broker Services") in Australia.
This very exciting development will be a real step change in MAB's Australian operations. Leveraging AFG's market leading infrastructure as well as our unique proposition and lead generation strategy will allow our joint venture to scale its presence in Australia and attract the best brokers into our differentiated business model.
Following completion of the joint venture agreements and AFG's investment in MAB Broker Services, MAB and AFG will have an equal shareholding in MAB Broker Services, which trades as Mortgage Advice Bureau. Completion is subject to approval from the Australian Foreign Investment Review Board, and this is expected in the next few weeks.
Peter Brodnicki, MAB's CEO, said:
"We are really looking forward to working with David Bailey and his team at AFG. Our Groups share a common track record of growth and innovation as well as a common vision based on differentiation.
"Our new joint venture partner provides MAB Broker Services with the optimal platform for growth in Australia, with our UK model now adapted, tested and proven in this market. In partnering with AFG we are well positioned to leverage our respective expertise to create a unique, market leading proposition for Australia."
David Bailey, AFG's CEO, outlined the reasoning behind the investment:
"AFG is investing in the broker channel because we believe in it. MAB operate a highly successful operation in the UK, and we are very pleased to be able to invest in their business as they seek to grow their footprint here in Australia.
"As a company that successfully operates in a jurisdiction different to Australia, we also see the mutual benefit of identifying best practice between the companies which will ultimately improve both organisations and the overall broker proposition.
"Like in the UK, MAB Australia will focus on partnering with the most successful and forward-thinking advisers and firms looking to achieve strong growth. I have no doubt that MAB's strategic partner approach will generate a great deal of interest from brokers and will be very well received, and we look forward to being a part of it."
For further information please contact:
Mortgage Advice Bureau (Holdings) plc | Tel: +44 (0) 1332 525007 |
Peter Brodnicki - Chief Executive Officer | |
Ben Thompson - Deputy Chief Executive Officer | |
Lucy Tilley - Chief Financial Officer | |
Numis Securities Limited (NOMAD and Broker) | Tel: +44 (0)20 7260 1000 |
Stephen Westgate / Hugo Rubinstein (Corporate Finance)
Media Enquiries: investorrelations@mab.org.uk |