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The Good Mortgage Company hunts buyer

by: Mortgage Solutions
  • 30/03/2011
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Money Workout Limited trading as The Good Mortgage Company, a mortgage broker with a call centre based in Southampton, is hunting for a buyer, reportedly after its major shareholder Octopus pulled its funding line.

Accountant and business adviser James Cowper has been appointed to find a buyer for the 31-employee broker.

The firm confirmed it is in discussion with a number of mortgage industry-related companies.

The firm reportedly has revenue pipelines estimated to exceed £150,000 and a database of 77,000 contacted enquiries developed over the past two years.

The company has 12 mortgage advisers, over 450 completed mortgages and an income of £400,000 generated from life insurance sales.

Peter Whalley, a partner in the Southampton office of James Cowper said: “My firm has been instructed to find a buyer for the business. The business has experienced some trading difficulties following the downturn in the mortgage market and this has led the stakeholders to decide now is the time to sell.”

Whalley said buyers are not obliged to assume trade or expense liabilities or obligations to the existing owners.

The company is expected to enter administration by the end of the week if no further financial support is secured.

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