TML confirms administration rumours
The Mortgage Lender has confirmed it has gone into administration as a direct result of the liquidity crisis.
Andrew Duncan and Andrew Stoneman, partners from Menzies Corporate Restructuring have been appointed as adminstrators to TML Financial Solutions Limited, which trades as The Mortgage Lender.
The Hampshire-based brokerage launched in 2000 and specialised in the sub-prime and specialist market with a staff of 250 .
The firm says it was trading profitably until the end of September, when the recent liquidity crisis meant it was difficult to source products for its client-base as lenders pulled out of sub-prime or tightened criteria.
The company will continue to trade as normal while a full analysis of the business is underway and it believes a trade purchase, out of administration, may provide the best solution.
It says the business may be attractive to either a lender, a broker or a debt management business.
Andrew Duncan, partner at MCR, says: “The Mortgage Lender enjoys high brand recognition and has helped a great many people obtain personal finance.
“It also boasts a highly skilled and experienced workforce, loyal customer base and up to the minute technology to support its business.
He adds: “We believe this makes it an attractive business for any potential buyer or investor already operating within, or keen to enter, this niche market.”