OneDome has snapped up national brokerage Coreco Group 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 and Commercial Director Julian Ingall, along with the Coreco Management Team, will all remain at the company. Montlake and Ingall will also join OneDome Group’s Management Team.
Peter Brodnicki, Chief Executive of Mortgage Advice Bureau (MAB), who played a pivotal role in this deal, will reinvest his 25% shareholding in Coreco into OneDome. Coreco, an appointed representative of MAB, will also enter into a new distribution agreement with the distribution network.
SIGNIFICANT MILESTONE
Montlake will become 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 will continue as spokesperson for the group and liaising closely with lenders as well as looking at potential broker acquisitions.
Ingall, as Coreco’s Commercial Director, will be tasked with looking to grow its specialist and commercial team as well as its introducer base and also look for acquisition targets in that space.
SIGNIFICANT MILESTONE
Montlake 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.”
He adds: “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 have 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.”
GAME CHANGER
Ingall adds: “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 One Dome to grow the Coreco Commercial team and our specialist and commercial footprint further.”
ACQUISITION TRAIL
Founded in 2017 by Babek Ismayil and chaired by Sir Nigel Knowles, OneDome has quickly grown, acquiring Nethouseprices, Contractor Wealth Management, CMME Mortgage and Protection Ltd and Albany Park
Ismayil says: “Bringing Coreco into the OneDome family is transformative for our vision of seamless property transactions.
“We are thrilled to welcome Andrew Montlake and Julian Ingall to our executive management team to drive our ambitious growth plans. With the OneDome family now consisting of 170 members, including over 70 advisers, we are transforming homebuying for good.”
RINGING ENDORSEMENT
Kevin Duffy, Chief Executive of Mortgageforce, says: “This is a ringing endorsement for the High Net Worth mortgage sector.
“Not only that, it’s also a desereved outcome for industry icons such as Andrew Montlake and Julian Ingall who have served the wider industry with aplomb for over 20 years.”
