Peter Brodnicki, CEO of Mortgage Advice Bureau speaking exclusively to Mortgage Solutions said the company will remain 100% in its own hands but this provides “an ideal platform for the next phase of MAB’s evolution.”
The Stock Market announcement went out at 7am. this morning and in an exclusive pre-recorded interview Brodnicki talks over one of the first Stock Market listings for a pure mortgage advice company.
The move will involve a 45% free float which will see Peter Birch – who received shares in MAB when it acquired Mortgage Talk in 2012 – fully exiting the business with all other shareholders retaining the majority of their shares post-listing. Stock market conditions will dictate the ultimate timing of the listing.
The current board of three – CEO, Peter Brodnicki; David Preece, chief operating officer; and Paul Robinson, finance director – will be increased to six following the appointment of three non-executive directors: Katherine Innes Ker, Nathan Imlach and Richard Verdin. Katherine will serve as MAB’s non-executive chairman.
The mortgage advice firm has idenitified a number of key focus areas from estate agency to new build and telephone sales and has encouraged many of its AR members to specialise over time.
Brodnicki added: “Although the customer experience is what any business should be built around, the adviser experience is also paramount and that is a major focus for us, attracting and retaining the best within our AR and franchise partners, with the MAB Academy also a major focus as we look to attract and develop new talent.
“We need to plan with our ARs and franchisees for at least the next five or 10 years in terms of our strategy and investment, and the AIM listing will put us in an ideal position to attract the very best individuals into the group, and secure investment if and when required,” he added.
Both Virgin and Aldermore have struggled to float in recent weeks due to plunging global equity markets.
