Mortgage firm sees revenue rise to almost £150m

Revenue at Mortgage Advice Bureau has risen to almost £150 million, according to its latest annual results.

Mortgage Advice Bureau (MAB), which is a mortgage intermediary and specialist network for brokers, headquartered on Pride Park, this week reported a revenue of £148.3 million for the year to 31 December 2020 – up three per cent from £143.7 million.

Chief executive Peter Brodnicki said: “These results once again demonstrate the resilience of our operating model and the quality and dedication of our management team and staff during a year of exceptional challenges.

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“We took quick and decisive action in response to the pandemic that resulted in us not only coming through an incredibly difficult period in great shape and ensuring that our 2020 strategic objectives were met but also putting ourselves in a strong position to start accelerating growth over the next few years.

“Despite the impact of the pandemic, our profitability and cash generation profile remained strong, which enabled us to reimburse all the government furlough grant income received.”

This week, MAB also announced that a company called Meridian Mortgages, of which it owns 40%, had acquired specialist shared ownership broker firm, Metro Finance.

The strategic acquisition sees Meridian take 100% of the shares in Metro Finance, which will remain an independent company, with all its 42 staff still employed by Metro Finance in Sheffield.

The new set up will see the birth of brand new ‘Meridian Holding Group Ltd’ incorporating Metro Finance and Meridian Mortgages sitting independently alongside each other, yet within the new group.

Meridian Mortgages, which is an appointed representative of MAB, is a new build specialist broker firm with a team of 80, working with all the major UK housebuilders.

MAB also this week announced the launch of new Home Buying Buddy App.

It has developed the app with digital coaching company Life Moments to nurture consumers through the home buying process, integrating informative content and mortgage calculators to educate and encourage buyers on their journey.