Digital home buying platform OneDome has purchased Coreco Group for an undisclosed seven-figure sum.
The acquisition is subject to regulatory approval and will see Coreco make use of OneDome’s technology and data-driven insights to streamline the mortgage process. It is also expected to broaden Coreco’s introducer base and expand its financial education programme.
OneDome’s Homebuyer Service platform connects users with estate agents, mortgage advisers, conveyancers and insurance providers.
Coreco’s current directors, Andrew Montlake and Julian Ingall, and the wider management team will remain in their roles.
Montlake and Ingall will also become part of OneDome Group’s management team and contribute to its vision of becoming the largest home buying service provider in the UK.
Peter Brodnicki, CEO of Mortgage Advice Bureau (MAB), played a part in this acquisition and exchanged his shareholding in Coreco for shares in OneDome.
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Montlake, currently the managing director of Coreco, will become the CEO of Coreco Group and be responsible for its growth, introducer base, employer financial education services and self-employed broker numbers.
Montlake said: “This acquisition marks a significant milestone for Coreco and is the latest step of our exciting journey. In an increasingly changeable market, our hard-working Coreco family deserve the stability and opportunities that being with a bigger group can bring, without any change to our fantastic brand or company DNA.
“We have been looking for an investment partner for some time, and having spoken with Babek for several years, I have been continually impressed with both his passion and ingenuity. OneDome has a committed team of professionals around them, with a dynamic, innovative approach, and we have a shared passion of commitment to customer service and looking after our people.
“By combining this with our exceptional team and extensive market knowledge, we can create a more efficient and enjoyable mortgage experience for our clients. We are excited about the journey ahead and the opportunities it will bring.”
As the commercial director of Coreco, Ingall will be tasked with growing its specialist and commercial team, its introducer base and acquisition opportunities.
Ingall said: “There are so many opportunities in the mortgage market, especially within the specialist and commercial arena, and it has been frustrating to not always have had the chance to make the most of these. This deal changes that and gives us both the impetus and clout to really make a difference.
“I look forward to working with One Dome to grow the Coreco Commercial team and our specialist and commercial footprint further.”
Babek Ismayil (pictured), OneDome Group’s founder and CEO, added: “Bringing Coreco into the OneDome family is transformative for our vision of seamless property transactions.
“We are thrilled to welcome Andrew Montlake and Julian Ingall to our executive management team to drive our ambitious growth plans. With the OneDome family now consisting of 170 members, including over 70 advisers, we are transforming home buying for good.”
OneDome has been on an acquisition drive as part of its growth plan, recently buying mortgage brokerages Albany Park and CMME Mortgage and Protection Limited.
