MAB set for AIM flotation
The intermediary network is set for a 45% free float, which will see current director Peter Birch exit the business.
Birch gained shares in MAB when it acquired Mortgage Talk in 2012.
Peter Brodnicki, MAB chief executive officer, said: “The MAB journey has been an exciting one, even throughout the recession, and our proposed AIM listing is another milestone in MAB’s history.
“It also ensures that the running of the company remains 100% in our hands, whilst providing an ideal platform for the future, as we look to capitalise on the tremendous opportunities for intermediaries as change in our industry continues to gather pace.
He added: “The team at MAB has worked hard to build a mortgage and protection network we can be proud of, which has attracted forward thinking and ambitious intermediary firms.
“We have also built a leading UK mortgage intermediary brand with a focus on the quality of distribution and the customer experience.
“I have been delighted by the quality of businesses and individuals that we have been able to attract to MAB, and like the rest of the board and MAB team, I am extremely excited about the future as there is so much more we can achieve together.”
MAB’s board of three, which comprises of Brodnicki, chief operating officer David Preece and finance director Paul Robinson, will increase to six following the appointment of non-executive directors Katherine Innes Ker, Nathan Imlach and Richard Verdin.
Innes Ker will serve as MAB’s non-executive chairman.
Brodnicki said: “Our new board members will bring with them significant expertise and experience, as well as providing external oversight for the business.
“The UK mortgage market provides those seeking a mortgage with a choice of over 70 lenders and many thousands of mortgage products.
“The majority of borrowers use an intermediary and, following the Mortgage Market Review which introduced the requirement for advice on residential mortgages, the number of borrowers seeking advice from intermediaries is increasing.
“With product choice continuing to improve, which is good news for our customers, I believe the future for the mortgage intermediary is extremely positive.”