The founder of Mortgage Advice Bureau (MAB) was today set for a huge windfall as he unveiled plans for an estimated £100 million stock market debut while maintaining he has no worries about a housing slowdown.
Chief executive Peter Brodnicki, who owns 53%, admitted MAB “held back” from announcing the float during the recent market jitters. He went ahead after “positive feedback” as MAB does not need to raise money and has no debt.
The company put no valuation on itself but made a £5.2 million profit last year and is set to grow 40% this year.
Fellow shareholder Peter Birch is cashing out. Brodnicki, who co-founded MAB in 2000 as an intermediary between lenders and customers, played down fears of a “correction” in London property, saying it “continues to be a very strong market”.
