Home of Choice assures ARs over payments

27 April 2010 | By Natalie Thomas

Home of Choice has sought to dampen down fears over ARs’ unpaid commissions and says its acquisition talks are ongoing and all is being done to make sure ARs are paid.

In an email to ARs, Gerry O’Brien, chief executive of Home of Choice, says he and the rest of the board believed these negotiations would be concluded last week and are working around the clock to finalise these discussions to ensure that staff and brokers are paid.

He says: “We understand your frustrations and share them. I cannot give you a definite day for payment into your account at this moment - all I can do, honestly, is say that we have been working hard for you to be paid with the minimum delay.

“I would like to thank those advisers and staff who have expressed support and loyalty to me and the board. I can assure you that we are doing everything we can to take this business forward.”

Mortgage Strategy revealed yesterday that Home of Choice is in final negotiations with an investor to acquire the business.

Rumours are rife that Keith Carby, former chief executive of Openwork, is looking to buy the mortgage network and incorporate it into his IFA business Foster Denovo.

Readers' comments (66)

Anonymous | 27 Apr 2010 11:28 am
It is all well and good assuring us. Confidence is low, no business is being applied and AR's are worried bearing in mind previous network failures! Communications are being treated with a pinch of salt because the lack of content and substance. How can they be believed when HOC advised last week that the BACS issue delayed payment! As the film say's..."Show me the money Gerry, show me the money!"...
Unsuitable or offensive? Report this comment
Roger Morris | 27 Apr 2010 11:37 am
If anyone can do this it's Gerry and Richard. I am sure this will work out to be a great move to help Home of Choice move forward . As Gerry has said before " Do right and fear no man"
Unsuitable or offensive? Report this comment
Anonymous | 27 Apr 2010 11:43 am
I bet the Directors are still drawing their six figure salaries.

No news this morning.

I am getting very concerned.

What should we do now I have not heard from anyione at HOC?
Unsuitable or offensive? Report this comment
mic2002 | 27 Apr 2010 11:49 am
mmm.Not that I'm that well up on corporate takeovers but I don't see the link between a takeover and ability to pay your debts.They obviously have nothing in the kitty and are no doubt still receiving money from various companies in leiu of comms.They need to sell the business.

Don't want to be a harbinger of doom but I cant remember any similar firm ever coming back from this sort of situation..
Unsuitable or offensive? Report this comment
John Reid | 27 Apr 2010 11:52 am
Thats a very confusing message - Yesterday Mr G O'brien states they couldnt pay AR's because of the application for change of controllers which has now been approved by the FSA however today he is saying they are still in talks..? What is it - new owners already approved or are they still talking about being taken over? Good Luck Home of Choice Brokers, I really hope its not another Network Data fiasco.
Unsuitable or offensive? Report this comment
Darren Pescod | 27 Apr 2010 11:53 am
The one consolation is that if the FSA have approved change of control we can be happy that the new investor has some deep pockets to invest in the network, they wouldnt approve a new owner if their finances were not in order. Once again the communication skills of the network have let them down - Please sort this out in the future guys as you do all the hard work for 5 years building the network up to let two badly worded e mails, and no telephone calls, ruin everything.
Unsuitable or offensive? Report this comment
john higgins | 27 Apr 2010 11:53 am
i think everyone agrees that HOC are a great company and no one wants them to fail. The issue is about telling the truth. No company doesn't pay their staff or AR's because the BACS doesn't work as you would simply pay via another method. HOC have no money and are negotiating for survival and if anyone can pull it off it will be Richard & Gerry but please don't think the industry is full of fools!!
Unsuitable or offensive? Report this comment
John Reid | 27 Apr 2010 12:07 pm
Oh dear.... I am a bit concerned at some of these comments. I know Gerry O'Brien from a past life. Pinch (Mountain) of Salt comes to mind. The lack of communication is because there is NOTHING good to tell you. If there was something good to tell you Mr O'Brien would be ontop of the highest tower shouting it from the roof tops..... N.B. This statement is my own personal opinion and from my own personal experience.
Unsuitable or offensive? Report this comment
HOC AR | 27 Apr 2010 12:15 pm
Looks like if the deal does not come off we are sunk. This would be a great shame as they are a teriffic network. Where would you go from here DA perhaps, I dont think that that would be an option for most due to the expense and fees
Unsuitable or offensive? Report this comment
Jonathan Burridge | 27 Apr 2010 12:19 pm
Home of Choice and it's leaders presented a fresh, well controled and highly motivated Principle all the time that my business traded and benefited greatly from their support.

I know from personal experience the difficulties faced in trading through the last couple of years and I am sure that Home of Choice is sufficiently fast-footed to get through this and it to only be a hiccup in an otherwise successful track record.

Keith Carby and the Home of Choice Board have long standing history. Keith is a highly connected individual, Foster Denovo is well run IFA from what I have seen.

It would seem a solution that holds up the network and hopfully will lead to future prosperity.

AR's will be understandably concerned, but I am sure that they will all be paid.
Unsuitable or offensive? Report this comment