"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. "
- Andrew Montlake, managing director of Coreco
Digital homebuying platform, OneDome, has acquired mortgage brokerage Coreco Group for an undisclosed seven figure sum, subject to FCA approval.
Current Coreco directors, Andrew Montlake and Julian Ingall, along with the Coreco management team, will remain in their roles. Andrew and Julian will also join OneDome Group’s management team, contributing to the Group’s goal of becoming the largest home-buying service provider in the UK. Peter Brodnicki, CEO of Mortgage Advice Bureau, who played a pivotal role in the deal, will exchange his shareholding in Coreco for shares in OneDome.
Founded in 2017 by Babek Ismayil and chaired by Sir Nigel Knowles, OneDome has previously acquired Nethouseprices, Contractor Wealth Management, CMME Mortgage and Protection and Albany Park.
OneDome’s flagship HomeBuyer Service (HBS) combines mortgage advice, application, conveyancing, HomeBuyer Protection Insurance, and a dedicated project manager for a fixed price.
Andrew Montlake, managing director of Coreco, will become CEO of Coreco Group, tasked with helping to grow the company, its introducer base, employer financial education services and self-employed broker numbers over the coming years.
He will also continue his work as spokesperson for the group and liaising closely with lenders as well as looking at potential broker acquisitions.
Andrew Montlake commented: “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 have 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.”
Julian Ingall, as Coreco’s commercial director, will be tasked with looking to grow the specialist/commercial team and introducer base, as well as looking for acquisition targets in this space.
Julian 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, OneDome Group's founder and CEO (pictured), 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 homebuying for good.”
