This is the firm’s first equity investment since its AIM listing in November 2014.
The group confirmed the move is in line with the group’s stated strategy of making targeted investments to enhance its distribution capabilities.
Sort Refer is primarily a conveyancer, but its legal panel management software sifts conveyancing instructions out from mortgage advisers and estate agents to law firms and conveyancers.
Peter Brodnicki, CEO of Mortgage Advice Bureau, said: “The combination of legal and financial services, given they are so closely linked, represents an exciting opportunity for future growth. Sort is a very ambitious, fast growing business and is well positioned to support our strategic objectives in that area, including the integration of Sort’s software into MAB’s MIDAS platform. We are delighted to have made this investment in Sort which will build on MAB’s expertise and distribution capabilities, as well as enhance the consumer and adviser experience.”
The group achieved a market cap of £80.8m on 14 November last year in a move that confirmed investor’s positive views of prospects for the mortgage advice market. On 14 November 2014, shares were set at 160p, which have risen to 332.50p this morning.
