The Mortgage Operation has undergone a management buyout after blaming its private owner for falling short of contractual obligations.
Adrian Stahl, marketing manager at TMO contacted brokers today saying the packager had also suffered from its association in 2007 with Victoria Mortgage.
Stahl says: “It was hoped that the new private owner, who took over in December, would have overcome these issues by now. This has not been the case and after failing to deliver on contractual obligations any confidence that the management did have in the new owner has since evaporated.”
He continues: However, on 3 March a management team bought out the private owner. This new team is currently working on a plan of action to best protect the creditors and future of TMO and will be in a position to disclose this to you all early next week.”
Mortgage Strategy reported last week that TMO was to undergo a change of ownership.