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Founder Royle quits Mortgage Intelligence

Founder and chief executive of mortgage broker network Mortgage Intelligence Steve Royal has sold his stake and resigned.

He says he is leaving because he feels more suited to launching new businesses rather than the ongoing administration of a large company.

He set up MI four years ago with the intention of providing the first full-service network for mortgage brokers.

MI has over 350 full members and completed £660m of mortgages last year from £1bn of loan applications.

Royal had kept a significant shareholding in MI and stayed on as chief executive after it was bought by merchant bank Close Brothers Group in 1997.

The running of the company will now pass to Sally Laker, who has been the managing director for the past year.

Royal says: “MI has grown exponentially over the last few years from a start-up business to a full-blown organisation with considerable market presence. I am leaving behind me an excellent team and I am sure they will drive the company to even greater success.”

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