Mortgage broking giant the Coreco Group has been acquired by digital homebuying platform OneDome for an undisclosed sum, believed to be in seven figures.
Coreco has been one of the largest representatives of the Mortgage Advice Bureau since it joined the network in 2009.
OneDome says the deal will enable Coreco Group to grow 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 and empower clients to make better financial decisions.”
Founded in 2017 by Babek Ismayil and chaired by former DLA Piper boss Sir Nigel Knowles, OneDome has grown via acquisition adding Nethouseprices, Contractor Wealth Management, CMME Mortgage and Protection Ltd and Albany Park and now offers a ‘seamless, all-in-one homebuying experience’ via its Homebuyer Service.
Ismayil says: “Bringing Coreco into the OneDome family is transformative for our vision of seamless property transactions. With the OneDome family now consisting of 170 members, including over 70 advisers, we are transforming homebuying for good.”
Coreco’s directors Andrew Montlake and Julian Ingall plus senior managers will remain in their roles but Montlake and Ingall are set to join OneDome Group’s senior team and help drive its core aim to become the UK’s leading home-buying service provider.
Peter Brodnicki, chief executive of Mortgage Advice Bureau, who played a pivotal role in this deal, will exchange his shareholding in Coreco for shares in OneDome.
Meanwhile Montlake becomes chief executive of 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 says: “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.”
