When it comes to names, not many are more to the point than Mortgages PLC. But why choose such a generic name? Trevor Pothecary, group chief executive, and one of the founding fathers of the business, explains.
“MPLC started trading in March 1998,” he says. “The property market was still recovering from the recession and sub-prime was the domain of a few specialist lenders.
“Like most new businesses we agonised over names. Company names are subjective things and beauty is often in the eye of the beholder. What matters most are the values attached to the brand. A name can be almost anything, as the modern trend for abstract words indicates.”
After much deliberation the directors chose the name for the simple reason that it said what the company did and everyone liked it. But the name was not new. It had been used previously in the intermediary mortgage market.
“Some brokers may remember the original Mortgages PLC,” says Pothecary. “It was owned by the Canadian Imperial Bank of Commerce and was based in Coventry. The company was eventually purchased by Abbey National which deregistered the name after the business was integrated with its own. It was up for grabs so we staked our claim.”
This name is unlikely to go out of fashion and, being so generic, has not had to be changed whenever the company transferred ownership.