MAB buys remaining 20% stake in First Mortgage for £9.35m

MAB acquired the outstanding equity in the business from First Mortgage’s managing director Ian Grail, with a quarter of this purchase price made in cash. The balance was covered by issuing new shares in the company, which is listed on London’s Alternative Investment Market.

MAB first purchased the lion's share of the mortgage advice firm in 2019. Last year First Mortgage made a pre-tax profit of £5.4m (in the 12 months to December 2023) and has net assets of £9.3m.

Grail is to continue in his role as MD.

MAB deputy CEO Ben Thompson, (pictured) said: “Acquiring an 80% shareholding in First Mortgage in 2019 was strategically important to MAB at the time, enabling us to grow our expertise in specific market specialisms such as new build, and accelerate our overall market share as a group.

“Despite the various challenges we faced together over the last five years, the business has grown substantially in size and profitability and has become even more important to MAB.

“We are therefore pleased to have now acquired the final 20% shareholding from Ian McGrail. Importantly, we are delighted that Ian has decided to commit to stay on as managing director and take First Mortgage further over the coming years.”