Wednesday, July 23 14:06:48
Australian company Computershare has bought mortgage servicing company HML, which has a significant Irish presence, for an upfront sum of Stg47.5m plus potential future revenue-based payments.
HML was established in 1988 by the Yorkshire based Skipton Building Society and has been servicing the loans of Irish lenders since 2005. As well as its offices in Skipton and Glasgow it also has offices in Dublin and Derry which employ 350 of the company's 1,200 total workforce.
Global organisation Computershare said it has purchased HML as part of its strategic commitment to the UK and Europe's mortgage market and plans to invest, grow the business and provide the scale and investment to allow it to take advantage of developing opportunities.
HML services almost 60pc of the residential mortgage market in the UK and Ireland while Computershare provides financial and governance services across over 20 countries on five continents and employs more than 14,000 people worldwide with an annual global turnover of USD2 billion.
Andrew Jones, chief executive officer of HML, said: "I am delighted that HML and Computershare will be working together, and Computershare becoming our parent company is excellent news for the business and those who work at HML, as well as our clients and their customers. Computershare is committed to investing in and growing HML, allowing us to continue to be the leading third-party mortgage administration company in the UK and Ireland. With the desire to grow the business and develop the specialist expertise that HML has, it's clear to me that culturally we are much aligned with Computershare."
"HML has had 25 years of successfully delivering value to clients, customers, our people and our former parent, and this deal will secure the future of the company for many more years to come."
For more visit: www.businessworld.ie