Mortgages plc will retain its name and continue to operate as a wholly-owned subsidiary of Merrill Lynch. Terms of the transaction were not disclosed.
Mortgages plc Group Chief Executive Officer, Trevor Pothecary, said: “Today’s announcement is great news for Mortgages plc and confirms our position as one of the UK’s leading non-conforming mortgage lenders. The directors, management and staff of Mortgages plc are all delighted with this deal and are excited about the prospects it brings for the future.”
Nikko Principal Investments Limited acquired a majority shareholding in Mortgages plc in December 2001. Nikko has realised its original investment in the company in a manner consistent with its standard investment practices.
Oakwood Group LLP Chief Executive, Mike Culhane, worked with Merrill Lynch on the acquisition.
Trevor Pothecary concluded: “Today’s announcement will have a positive impact on the products and services we are currently marketing and puts the Mortgages plc Group in a very strong position to increase its presence in the dynamic UK residential mortgage market.”
