Mortgage Advice Bureau acquires 80% of First Mortgage Direct Limited for £16.5m
StockMarketWire.com - Mortgage Advice Bureau said it had agreed to acquire 80% of independent mortgage brokers First Mortgage Direct Limited for £16.5m.
It had also entered into an option agreement to buy the remaining 20% between 2024 and 2030 for a minimum £4m and a maximum £10m contingent on earnings performance.
The acquisition was expected to be 'significantly earnings accretive' in the first full year following completion and thereafter,, the company said.
'The directors believe that the acquisition presents MAB with significant additional growth opportunities,' it added.
'It will enable MAB to further grow its adviser numbers and market share, in addition to its core growth plans, and will also add another highly respected and leading mortgage broker to the group.'
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