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Coreco buys Southend-based advice firm Mortgages Online

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  • 05/01/2021
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Coreco has confirmed the acquisition of brokerage Mortgages Online for an undisclosed sum to build a national brand and continue its strategy of growth outside London.

 

Mortgages Online, a brokerage owned and run by Paul Flavin and also an appointed representative of Mortgage Advice Bureau (MAB), launched in 2019 and was targeted for its operational and strategic potential as a back-office and telephone-based brokerage.

Andrew Montlake, managing director of Coreco told Mortgage Solutions talks had been ongoing for over a year and the deal presented a way for the London broker to create “sensible growth”.

“This is something we have been working on for a while and it was important to find an area close enough to the capital to not only provide a solid base for our back-office support team, but also from where we can access quality local people,” he said.

“Obtaining the Mortgages Online brand and website will allow us to continue to develop our online offering for clients who wish to be dealt with in this way, while very much keeping the role of the broker and advice front and centre.”

Montlake added the plan is to scale and deal with a more varied set of introducers which will in turn generate more enquiries for its brokers in London, especially on the specialist and commercial side.

“Embracing technology in the right way is important for the future, and both Paul and Laura at MO impressed us with the strides they had made with the firm’s system. Hopefully, we can add the Coreco brand, experience, and people to this to form an important string to our bow.

“Coreco South will also become our administrative centre for our national network going forward and we are actively looking to the local community for brokers and sales support people who want to work within the expanding Coreco family.”

 

Shelve the commute

Changing working patterns since the pandemic meant staff recruitment in Southend offers previous London commuters another option as the firm bids to build this separate online brand, he added.

Paul Flavin, managing director of Mortgages Online (MO) said: “I feel this is a great move for both companies. Coreco brings the security and credibility of one of our industry’s flag bearers while Mortgages Online gives Coreco a platform to be able to move and respond to future trends in a far faster, more efficient way.

“We’ve built so much into our systems and customer experience at Mortgages Online that operations manager Laura Waller and her team would be a massive asset to any company.

“This structure when twinned with Coreco’s enviable access to lead sources, means we’ll be able to deliver a quality of service for those customers not requiring face-to-face advice.”

Montlake confirmed project development would include priming the lead generation capabilities of the MO website and establishing more broker lead-introducing relationships.

Flavin continued: “I can step away from the day-to-day operations to focus on working with Andrew on project development, as well as business coaching and this means I can concentrate on the areas I love, which will hopefully see massive benefits to the Coreco group as a whole.”

 

More mergers to come

Peter Brodnicki, CEO of broker firm and network Mortgage Advice Bureau who was instrumental in the deal said building a telephony business to create a strong lead flow and break down geographical barriers makes sense outside London from a recruitment and cost perspective.

He added: “There are more deals between advice firms coming down the track as we are always looking for complimentary fits for our brokers. In this deal, we had a strong, mouldable young company in MO which works far better with an established business as there is no culture change to hammer out.”

“Acquisition is how MAB established itself in new build. We were always closely aligned with estate agency but couldn’t break into new build until we bought specialist Mortgage Talk and have subsequently invested in shared ownership and custom-build.”

Coreco, established in 2009, launched network proposition Coreco Network in November 2020 for advisers looking to set up their own business.

 

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