Management to buy Mortgageforce

West Bromwich Building Society revealed last week that it has agreed in principle to sell Mortgageforce to the management team.

The society says it has determined that the mortgage broking subsidiary is not a core activity and intends to exit the business at the earliest opportunity.

A statement from West Brom says: “The society has agreed, in principle, to sell mortgage broking franchise Mortgageforce to the management for a nominal consideration while retaining a small minority interest.”

The announcement came on the same day that West Brom announced a loss of £11.2m after tax for the year to March 31, compared with a loss of £39.3m last year.

On the society’s results chief executive Robert Sharpe says: “The improvement on last year indicates that we are starting to see the benefits of our back to basics strategy, with a focus on our traditional strengths as a regional society.”