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Mortgage Choice yesterday told shareholders it had declined a merger proposal from financial advisory group Count Financial.
Count Financial made the proposal on the grounds that such an amalgamation would reduce Mortgage Choice’s risks in the current mortgage broking downturn as well as create a valuable business referral program for Mortgage Choice’s franchisees.
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Peter Ritchie, Mortgage Choice chairman, said the proposal was opportunistic in that it came at a time when the short-term outlook for Mortgage Choice was impacted by a downturn in mortgage broking and credit markets.
However in the longer term, Mr Ritchie said the franchise was “expected to benefit from its leadership position and the strength of its brand and its franchisee network”.
Published: 29-07-08
