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Mortgage Brain drops Trigold aquisition
Posted by Admin on 2011-03-22 14:08:18 GMTFollowing the announcement in December 2010 that Mortgage Brain were planning to buy TrigoldCrystal the OFT announced last week that it intended to refer the move to the Competition Commission. This seems to have caused second thoughts at Mortgage Brain.
The additional administrative and cost burden that this referral would have placed upon the deal appear to have been a contributing factor in Mortgage Brain's decision to pull out of the aquisition.
Mark Lofthouse, their chief executive advised that the deal was called off for a number of reasons, including possible legal costs of up to £1,000,000.
He said "In terms of the time and effort involved as well, we have decided we'd be better off leaving the deal where it is."
