11th Dec 2015 09:10
LONDON (Alliance News) - Mortgage Advice Bureau (Holdings) PLC on Friday said it has invested about GBP350,000 for a 23% equity stake in Sort Ltd, the owner of online conveyancing portal Sort Refer, marking its first investment since listing on AIM in November 2014.
Mortgage Advice Bureau, which provides face to face financial and mortgage advice, said it will pay for the stake with cash already on its balance sheet.
Acquiring a stake in Sort is intended to boost Mortgage Advice Bureau's distribution network. Sort's portal refers conveyancing instructions from mortgage advisers and estate agents to law firms and licensed conveyancing firms.
"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," Chief Executive Peter Brodnicki said in a statement.
Shares in Mortgage Advice Bureau were untraded at 332.50 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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