Mortgage Advice Bureau (Hldgs) PLC Completion of acquisition of The Fluent Money Grp (0920S)
12 Juillet 2022 - 8:00AM
UK Regulatory
TIDMMAB1
RNS Number : 0920S
Mortgage Advice Bureau (Hldgs) PLC
12 July 2022
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 GBP72.7 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
Nominated Adviser and Broker:
Numis Securities Limited +44 (0)20 7260
Stephen Westgate / Giles Rolls 1000
Media Enquiries:
investorrelations@mab.org.uk
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END
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