View more on these topics

One of the Home of Choice bidders revealed

The Money Group’s managing director Tony Murtagh has confirmed to Mortgage Strategy that he has made a bid for Home of Choice but it has not yet been accepted by the network’s board.

Murtagh says he has made a bid for the network which would mean all the network’s liabilities and broker commissions would be paid, but he has told Mortgage Strategy that another offer is on the table but will only be made if the network first goes into administration.

LSL Property Services is also believed to be a name in the frame and looking at acquiring the network.

Murtagh would not reveal how much he has bid for Home of Choice but says it is the asking price requested by the network’s majority shareholder Lloyds Banking Group.

If successful he says he would cut costs at the network, including some of the directors and make it into a profitable business.

He is currently applying to the FSA to change the network’s permissions but says this could take two or three days which he has been told by Home of Choice’s directors is too long.

He says: “My bid allows the network to stay out of administration but I have been told part of the reason it has not been accepted is because it is unclear how long it will take for the change in FSA permission to be processed. However I have spoken to the FSA and it has said this can be done within two to three days.”

Between 1995 and 2004 Murtagh built The Mortgage Group into the UK’s largest specialist mortgage broker, with over 800 staff he then sold the company to GE Money in 2004.

Murtagh set up The Money Group, based on a similar business model to The Mortgage Group. The Money Group specialises in remortgages and debt management. He has also recently acquired Manchester based companies Bollin Finance and Advanced Debt Solutions, and his business interests are being rebranded as Fresh Start Finance.

More to follow..

Recommended

TONY YORKE, PRINCIPAL CONSULTANT, THINK STRATEGICALLY

Firms must engage with social media

To many, social networking is a medium they don’t understand. As a result, managers try to prevent staff from accessing websites such as Facebook. Yet the medium is here to stay. And as some organisations have demonstrated, it can enhance corporate reputations as well as the bottom line. Facebook has changed the rules of engagement, […]

CAP_COMP.gif

LAST WEEK’S WINNER

“After 20 miles most runners hit a wall but for Tony it was more substantial than usual.” VALERIE GANNE

Retirement - thumbnail

Has Britain really stopped saving?

By Steve Webb, Director of Policy and External Communications Our latest policy paper reveals what the fall in the savings ratio does (and doesn’t) mean In June 2017, the Office for National Statistics published its estimates for the ‘savings ratio’ for the first quarter of 2017. This is essentially a measure of the percentage of […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • John Smith 4th May 2010 at 10:04 pm

    support Tony

    How can you trust the existing managment who are still not paying yoy?

    Name me one network that has paid in full.

    Forget it and move on you are wasting your time and being suckered

  • Anonymous 4th May 2010 at 2:13 pm

    Can I ask for some help and advice out there- I am a HOC AR and have a stack of business outstanding waiting to be done- how long do I hold of before jumping ship- I am not giving 1 more piece of biz until all commissions are back dated and we have future assurances. This is a worrying and frustrating time for us all and I really hope we get some answers very soon cos it is seriously another wasted day of ifs and buts with a few maybes thrown in for good measure!!!!!!!!!

  • Chris Hulme - HoC AR 4th May 2010 at 1:29 pm

    As John mentions above, LTSB are partly in control here and are protecting their own interests rather than anything else. If HoC does go into Administration, they will be creditors just the same as the AR’s and will be lucky if they see 10 or 20 pence in the pound.
    The Directors NEED to confirm whether the LSL bid will put HoC into Administration – if this is the case, it cannot be in the creditors best interests.
    It will also be interesting to know whether the overdrawn Directors Loan Account in the name of “R Coulson” will be repaid?

  • Peter Wilson 4th May 2010 at 1:29 pm

    Tony Murtagh has the abilities and dynamics to turn HOC around. He would be a breath of fresh air and his innovative ideas would prove successful. Good luck Tony .

  • Chris Hulme - HoC AR 4th May 2010 at 12:35 pm

    Interesting. I would agree entirely with Tony Murtagh (first comment) in that ALL our current pipeline and outstanding commissions MUST be honoured in any bid to revive this business. The Directors of HoC have obligations under the Companies Act to protect its creditors and not enter into contracts that just get them out of a hole and leave the creditors with nothing.
    Any bid that sees these fees lost in Administration by investor will be equally bad as HoC just going into Administration anyway.
    If the Directors of HoC do undertake such a move that leaves the AR’s with nothing, we will form an action group to take the Directors to task. Tomorrows meeting will be an interesting one.

  • tmurtagh 4th May 2010 at 12:00 pm

    The directors have to operate within the insovency rules..they are continuing under there duties for the protection of the creditors only. If they vote to save themselves and this is proven to be against the creditors best interest they will be in serious trouble.If only one bid protects the “creditors”,they have to vote for it..simple.Ask them to make both bids public and explain their choice ?

  • tmurtagh 4th May 2010 at 11:59 am

    The directors have to operate within the insovency rules..they are continuing under there duties for the protection of the creditors only. If they vote to save themselves and this is proven to be against the creditors best interest they will be in serious trouble.If only one bid protects the “creditors”,they have to vote for it..simple.Ask them to make both bids public and explain their choice ?

  • John Reid 4th May 2010 at 11:29 am

    How on earth are you going to Stop the directors acting in their best interests? If you notice in this article, the directors do not have a say in this any. If you notice they state the fee in which Lloyds TSB have told them. Lloyds TSB are running this and they are the ones that stopped the sdministrators coming in becasue they would lose their money. You will note LSL has already done a deal with Lloyds in the past fo the estate agencies for £1. This is a deal done by Lloyds TSB for the benefit of Lloyds TSB and nothing else.

  • M Simpson 4th May 2010 at 11:09 am

    Time to jump ship? Networks should be forced by the FSA to keep all ARs commission in a trust.

  • mr hoc AR 4th May 2010 at 10:54 am

    Lets make sure the Directors act in the best interest of tghe existing share holders not themsel………

  • Steve 4th May 2010 at 10:41 am

    I was looking forward to this communication but now I’m not sure!
    Is it good news?