Home of Choice in acquisition talks

Home of Choice is in final negotiations with an investor to acquire the business.

Rumours are rife that Keith Carby, former chief executive of Openwork, is looking to buy the mortgage network and incorporate it into his IFA business Foster Denovo.

This has required a change of control notification to the FSA which was approved last week. 

During this time the network has been unable to process the BACS payment files in the usual way, and as a result brokers and staff were not paid last Friday.

Following discussions with all parties, including the bank and the investor, the network says it fully expected to be able to arrange payments to staff and brokers this morning.

However, due to the complexities of deal, this has not been possible and is now likely to be delayed for another couple of days.

Gerry O’Brien, chief executive of Home of Choice, says: “I am hugely disappointed that these payments have not taken place as expected. We are in urgent discussion with all concerned and will make a further announcement as soon as possible.

“Our overriding wish is for brokers and staff to be paid what is owed to them and we will endeavor to bring this to a swift conclusion.”

A further announcement is expected to be made this afternoon.