Coreco has been snapped up by OneDome in a seven-figure deal that sees the digital property platform tighten its grip even further on the UK mortgage market.
Coreco launched in the midst of the global financial crisis in 2009 and has become one of the most respected broker brands in the UK mortgage market, offering advice on residential and buy-to-let mortgages, remortgaging, large mortgage loans, and specialist mortgages such as offshore and short-lease loans.
Managing director Andrew Montlake, commercial director Julian Ingall and the Coreco management team will all remain in place for at least 12 months.
KEY ROLE
Peter Brodnicki, chief executive of Mortgage Advice Bureau (MAB), played a key role in the deal and will reinvest his shareholding – believed to be around 18 – 23% – in Coreco into OneDome.
Coreco, an appointed representative of MAB, will also enter into a new AR agreement with the distribution network.
The deal, thought to be worth around £1.5m, will allow Coreco to build its introducer base, expand its Financial Education Programme with employers, increase lead flow and harness OneDome’s technology and data-driven insights to streamline the mortgage process.
Mortgage Soup understands that former Coreco directors and shareholders Robert Gill, Francois Taljaard (both now directors at rival Altura Mortgage Finance), Matt Lowndes (MAB) and Roy Hardy will also benefit from the deal.
NEW POSITIONS
Montlake will become chief executive of the new Coreco Group, tasked with helping to grow the company, its introducer base, employer financial education services and self-employed broker numbers over the coming years.
He will also continue as spokesperson for the group as well as liaising closely with lenders and looking at potential broker acquisitions.
Ingall will be responsible for growing both the specialist and commercial team as well as its introducer base and also look for acquisition targets in this space.
Both will join OneDome’s management board to help drive the group’s agenda to become the largest home buying service provider in the UK.
“We have been looking for an investment partner for some time”
Montlake said: “This acquisition marks a significant milestone for Coreco and is the latest step of our exciting journey.
“In an increasingly changeable market, our hard-working Coreco family deserve the stability and opportunities that being with a bigger group can bring, without any change to our fantastic brand or company DNA.
“We have been looking for an investment partner for some time, and having spoken with Babek for several years, I have been continually impressed with both his passion and ingenuity.
“OneDome has a committed team of professionals around them, with a dynamic, innovative approach and we have a shared passion of commitment to customer service and looking after our people.
“By combining this with our exceptional team and extensive market knowledge, we can create a more efficient and enjoyable mortgage experience for our clients. We are excited about the journey ahead and the opportunities it will bring.”
IMPETUS AND CLOUT
Ingall added: “There are so many opportunities in the mortgage market, especially within the specialist and commercial arena, and it has been frustrating to not always have had the chance to make the most of these.
“This deal changes that and gives us both the impetus and clout to really make a difference.
“I look forward to working with OneDome to grow the Coreco commercial team and our specialist and commercial footprint further.”
“Bringing Coreco into the OneDome family is transformative for our vision of seamless property transactions”
Babek Ismayil, OneDome Group’s founder and chief executive, said: “Bringing Coreco into the OneDome family is transformative for our vision of seamless property transactions.
“We’re thrilled to welcome Andrew Montlake and Julian Ingall to our executive management team to drive our ambitious growth plans.
“With the OneDome family now counting 170 members, including over 70 advisers, we are transforming homebuying for good.”
RINGING ENDORSEMENT
Kevin Duffy, Chief Executive of Mortgageforce, commented: “This is a ringing endorsement for the High Net Worth mortgage sector.
“More than that, it’s also a deserved outcome for industry icons such as Andrew Montlake and Julian Ingall who have served the wider industry with aplomb for over 20 years now.”
ONEDOME
OneDome was launched by Babek Ismayil in 2017 and is chaired by Sir Nigel Knowles. Since then its has acquired Nethouseprices, Contractor Wealth Management and CMME Mortgage and Protection. Last month it acquired specialist broker Albany Park from Hatbox Group.
And in October OneDome signed a deal with tax and payroll provider Caroola to speed up the home buying process for contractors and self-employed professionals.
Under that partnership, all Caroola’s clients will have access to OneDome’s HomeBuyer Service at a discounted rate.
This service combines everything a prospective homebuyer needs into one simple package: a mortgage adviser, property legal services, homebuyer protection insurance and a dedicated Property Moving Assistant who manages the entire transaction from start to completion.
