If a sale is concluded, it will involve all the Mortgages plc Group companies including Genesis.
The shareholders of Mortgages plc have recently received a number of attractive proposals from leading financial institutions. On the basis of the strength of a specific proposal, they have granted a period of exclusivity, to allow the institution to go through a process of due diligence prior to completing the transaction.
Nikko Principal Investments Limited acquired a majority shareholding in Mortgages plc in December 2001. As a private equity company, it has always been Nikko’s intention to realise its investment in Mortgages plc at an appropriate time.
Trevor Pothecary, Group Chief Executive, said: “This is an exciting period for Mortgages plc and the approaches we have received from a number of leading financial institutions validate the success of our business strategy. We have worked very closely with Nikko over the last two and a half years and with their guidance, expertise and financial support we have continued to build the business into the dynamic organisation it is today. They have proved to be an excellent partner.
“It is our intention to continue to run the business as we have been doing so successfully for the past few years. It will therefore be a case of ‘business as usual’ during the period of due diligence and beyond. Given the nature of the discussions to date, we do not anticipate any management or staff changes and this process will have no impact on the products and services we are currently marketing.”
Mortgages plc has today notified its staff and key business partners about this development.
