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Bankhall’s multi-tie plans delayed

Bankhall’s plans to launch a multi-tie have been delayed because of mortgage regulation while its profits have slumped since last year.

Product providers which had been approached by Bankhall about working with the support services firm on its multi-tie proposition are saying that they have not heard anything from Bankhall on the project for at least a month.

Results for Bankhall show profit plummeting to around 78,000 for the last nine months, down from around 3.9m for the same period a year ago. But Bankhall says that with adjustments for goodwill of around 8m for each year, the drop in profit is from around 12m to 8m.

Joint chief executive Paul Hogarth says the fall in profit is due to preparations for mortgage regulation and spending resources which have been put into Bankhall’s multi-tie proposition.

Over the past year, Bankhall has been very bullish about multi-tie, saying it is one of only two distributors in the market with the scale to offer a workable multi-tie.

Hogarth admits that plans have been delayed because of mortgage regulation and he now expects Bankhall to be ready to launch a multi-tie in June 2005.

Hogarth says: “We are definitely going to do a multi-tie but our plans have been delayed because of mortgage regulation. We are talking to a number of product providers and these conversations are ongoing.

“These results are for the first nine months but profits will be down a bit on last year at the full year too. The drop is mostly because of M-Day and we have also put resources into our multi-tie.”

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