TrigoldCrystal acquisition referred to Competition Commission
Mortgage Brain announced at the end of December 2010 that it had agreed the terms to acquire TrigoldCrystal and voluntarily notified the OFT for its clearance.
Commenting, Mark Lofthouse, Mortgage Brain’s CEO, said, “Following the announcement of the proposed acquisition of TrigoldCrystal by Mortgage Brain everyone we spoke to recognised the considerable benefits it would bring to the mortgage industry.
“However, whilst disappointed, we respect the Office of Fair Trading’s decision and would like to thank all of our customers and business partners for their continued support and feedback throughout this process.
“Mortgage Brain remains as committed as ever to the UK intermediary mortgage market and we will continue to deliver the necessary technology solutions to support our customers in these challenging market conditions.”
Jon Whitmore, TrigoldCrystal’s joint CEO, added, “Whilst we believed there were benefits to the proposed transaction we have enjoyed a fascinating process and fully respect the decision of the OFT.
“We are looking forward to continuing to play a leading role in the provision of technology to the industry. We will continue to deliver and continuously look to improve our services for our customers to maximise their efficiencies through the use of our technology.”