The news that eleventh hour talks are taking place between the top brass at Home of Choice and an as-yet unidentified plc is obviously welcome, and panicked appointed representatives at the network can only keep their fingers crossed that it all results in a deal.
If it doesn’t it will be a disaster for all the firms involved – and not just for their staff but their families too. They were relying on getting paid last Friday and it didn’t happen.
In the wake of the news that the network was going into administration on Thursday many ARs were frantic about what would happen to their pipeline commission and businesses.
One Home of Choice AR contacted Mortgage Strategy to say they were owed a whopping £70,000 in unpaid commission.
Many were fearful that with Home of Choice on track to go into administration, they were facing financial ruin. There have been countless examples of networks going under in the past year – Network Data, The Mortgage Times Group and Prestbury to name but three. A bitter irony is that many ARs at Home of Choice had sought shelter from these defunct networks and were hopeful that it would be a safe port to weather the storm. Let’s keep our fingers crossed that a deal goes through.
Many ARs have spoken of how impressed they were by the passion and spirit of deputy chairman Richard Coulson when they joined the network. Sources say it’s this same grit and determination that has impressed the unnamed investor.
The mortgage industry has had more than its fair share of bad news stories in the past year as a result of the credit crunch. Let’s hope Home of Choice is not the next company to be laid to rest in the graveyard of broken dreams.