Close Brothers gives vote of confidence in MI and Laker

UK merchant bank Close Brothers has set the record straight about its intentions for Mortgage Intelligence.

Speaking exclusively to Mortgage Strategy Robin Sellers, Close Brothers group secretary, says the business is going strong and looking to acquire other networks. He says: “We are always looking for acquisitions to build the company and compete. We are committed to Mortgage Intelligence and happy with the business.”

Seller quashes rumours Close Brothers had ruled out buying smaller networks and also put a stop to speculation that managing director Sally Laker is leaving the firm.

He says: “Laker has been fantastic for the business and we are pleased with her performance. She is a part of Mortgage Intelligence’s future. Her job is in no way threatened.”

One source tells MS that MI is suffering financial loss after investing too much in technology and having too few ARs. But Sellers says the company is in a good position and Laker will be able to lead it into profit next year.

He also dismisses rumours the network might close or replace Laker in the first quarter of next year.

He says: “We have no intention of closing or selling the business, we are committed to Mortgage Intelligence.”

MI says it has just completed a record month of business and that the company is going strong.