Coreco, a mortgage brokerage in the City, has bought a fellow London-based firm called Paul Alexander Mortgage Consultants.
Part of The Hogarth Property Group, Paul Alexander has been looking for a buyer since its parent decided mortgage advice was no longer a core focus for the business.
Paul Alexander - which has built up its client book over 15 years - used to work closely with the Orchards of London estate agency, also part of The Hogarth Property Group.
In 2021, estate agency consolidator Leaders Romans Group acquired The Hogarth Property Group and the deal led to Paul Alexander being put up for sale.
The firm has worked independently until it could find a buyer.
Chief executive of The Hogarth Property Group, Paul Connolly, said he was delighted to have secured an ongoing business arrangement for the brokerage.
“This outcome is a win for the clients and customers of Paul Alexander who will now be looked after and have access to the services and products provided by Coreco,” said Connolly.
“[And it’s] a win for The Hogarth Property Group as it now enables us to concentrate 100 per cent on our core investment, development and construction businesses.”
Coreco’s managing director Andrew Montlake, said his firm’s strategy of securing the clients and back books of brokerages who will not be continuing their business for a multitude of reasons, is something that he believes will be an interesting option for many business owners looking for an exit.
Founded in 2009, Coreco employs more than 50 people. It provides residential and commercial mortgage advice.
ruby.hinchliffe@ft.com
