%20decision%20not%20to%20give%20clearance%20forthe%20acquisition%20of%20TrigoldCrystal%20and%20instead%20refer%20it%20to%20the%20Competition%20Commission.Mortgage%20Brain%20announced%20at%20the%20end%20of%20December%202010%20that%20it%20had...){kind=link}
Mortgage Brain and TrigoldCrystal disappointed with OFT decision
Mortgage Brain and TrigoldCrystal disappointed with OFT decision
Technology solutions providers, Mortgage Brain and TrigoldCrystal, are said to be
disappointed with the Office of Fair Trading's (OFT) decision not to give clearance for
the acquisition of TrigoldCrystal and instead refer it to the Competition Commission.
Mortgage Brain announced at the end of December 2010 that it had agreed the terms to acquire TrigoldCrystal and voluntarily notified the OFT for its clearance.
Mark Lofthouse, Mortgage Brain's CEO, comments, "Following the announcement ofthe proposed acquisition of TrigoldCrystal by Mortgage Brain everyone we spoke to recognised the considerable benefits it would bring to the mortgage industry.
"However, whilst disappointed, we respect the Office of Fair Trading's decision and would like to thank all of our customers and business partners for their continued support and feedback throughout this process.
"Mortgage Brain remains as committed as ever to the UK intermediary mortgage market and we will continue to deliver the necessary technology solutions to support our customers in these challenging market conditions."
Jon Whitmore, TrigoldCrystal's Joint CEO, adds, "Whilst we believed there were benefits to the proposed transaction we have enjoyed a fascinating process and fully respect the decision of the OFT.
"We are looking forward to continuing to play a leading role in the provision of technology to the industry. We will continue to deliver and continuously look to improve our services for our customers to maximise their efficiencies through the use of our technology."
About Mortgage Brain:
Compliance, mortgage sourcing and electronic trading products and services for mortgage intermediaries.
Banking Group (including C&G, Halifax, Bank of Scotland, Lloyds TSB Scotland, Intelligent Finance, Birmingham Midshires), Nationwide (including The Mortgage Works), Northern Rock, Royal Bank of Scotland (including NatWest) and Barclays Woolwich.
. The consortium of six owners, together with their subsidiaries, collectively accountfor in excess of 65% of the new business mortgage market within the UK
Mortgage Brain is a Microsoft Silver Certified Partner.
For further press information, please contact:
Damion Clark at the Mortgage Brain Press Office (Real Public Relations).
Tel : 01223 492130 or 07789 911314
Email : damion@realpublicrelations.com
For all other enquiries, please contact:
Mark Lofthouse, CEO of Mortgage Brain.
Tel
: 01527 557203 or 07776 143 056 : mark.lofthouse@mortgage-brain.co.uk
Mike Raybone, Chartered Marketer