Mortgage firm braves a stock market debut

Tim Wallace
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Chief exec Peter Brodnicki has not been deterred by recent troubles in the markets
The Mortgage Advice Bureau (MAB) wants to float on the Alternative Investment Market (Aim), yesterday announcing its plans to go public.

It comes after challenger bank Aldermore scrapped its initial public offering, blaming poor market conditions, and Virgin Money postponed its attempted stock market debut.

But the brokerage has not been dissuaded by the flow of bad news from the markets, arguing it is well placed to grow.

“The UK mortgage market provides those seeking a mortgage with a choice of over 70 lenders and many thousands of mortgage products,” said chief executive Peter Brodnicki.

“MAB’s position in a fragmented market is a very favourable one, and we expect organic growth to continue and to attract more high quality and strongly performing intermediary firms into our network and franchise propositions.”

The brokerage has not said how much it wants to raise in the float, which will see it sell a 45 per cent stake in the firm. Director Peter Birch is selling his stake, while Brodnicki will become the firm’s biggest shareholder .

At the same time the board will double to six members.

MAB made a profit of £10.4m in 2013, and £6m in the first half of 2014.


1 Green is managing director in the corporate finance division of Canaccord, which is acting as nominated adviser and broker

2 Green joined Canaccord in 2011. His prior career included spells at Cenkos and NewSmith, but most of his career was spent at Smith New Court and then Merrill Lynch

3 Green is an avid skier and when not at work he prefers to spend the winter season carving down the slopes in France’s three valleys (Meribel, Courchevel and Val Thorens)

Also advising…
Also on working on the listing from Canaccord financial services specialist and director Lucy Tilley, director Peter Stewart and associate Pippa Underwood. Also working on media relations is MHP Communications