OneDome has acquired Coreco Group subject to Financial Conduct Authority (FCA) approval, for an undisclosed seven-figure sum.
Coreco will now be able to focus on growing its introducer base, expanding its financial education programme with employers, and increasing lead flow, by harnessing OneDome’s technology.
Directors Andrew Montlake and Julian Ingall, along with the Coreco management team, will remain in their roles.
Montlake and Ingall will also join OneDome Group’s management team.
Peter Brodnicki, CEO of Mortgage Advice Bureau, will exchange his shareholding in Coreco for shares in OneDome.
In addition, Montlake will become CEO of Coreco Group.
He will continue his work as spokesperson for the group and liaising with lenders, as well as looking at potential broker acquisitions.
Montlake said: “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.
“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.”
Ingall, as Coreco’s commercial director, will be tasked with looking to grow the specialist and commercial team and its introducer base, as well as looking for acquisition targets in this space.
He said: “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.”
Babek Ismayil, founder and CEO of OneDome Group, added: “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.”
