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Nikko is close to selling off Mortgages plc

Mortgages plc is to be sold by majority shareholder Nikko Principal Investments.

The sale will involve all Mortgages plc&#39s group companies, including Genesis.

Nikko has entered into negotiations with a global financial institution and has granted a period of exclusivity to allow the institution to go through a process of due diligence prior to completing the transaction.

Nikko acquired a majority shareholding in Mortgages Plc in December 2001. As a private equity company, it has always been Nikko&#39s intention to realise its investment in Mortgages Plc.

Mortgages plc Group chief executive Trevor Pothecary says this is an exciting period for the company and that the approaches it has received from a number of leading financial institutions validate the success of its business strategy.

He says Mortgages plc has worked very closely with Nikko over the past two-and-a-half years and its guidance, expertise and financial support has built the business into the organisation it is today.

Pothecary says: “It is our intention to continue to run the business as we have been doing so successfully for the past few years. It will therefore be a case of business as usual during the period of due diligence and beyond. Given the nature of the discussions to date, we do not anticipate any management or staff changes and this process will have no impact on the products and services we are currently marketing.”

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