The Mortgage Advice Bureau (MAB) has written off its £2.5m investment in Boomin, the UK portal that went bust last month, with the company's share price plummeting from 620p on Wednesday to a low of 405p on Thursday.
MAB entered a strategic partnership with Boomin in 2021 as a mortgage service provider.
In a trading update issued this morning, MAB said:
"We are disappointed that Boomin has recently been put into liquidation, having not been able to secure new investors in this challenging economic climate, which leads to a £2.8m non-cash write off for our investment."
Boomin has officially named its liquidator, BK Plus, in documents uploaded to Companies House—with the portal showing a massive £9.8m shortfall when it comes to money owed to creditors.
£4.1m is owed to founder Michael Bruce, and a further £1.8m is owed to HMRC.
Boomin has named preferential creditors including 71 employees who are owed a total of £127,572.80, and well as 74 employees owed £794,904.87 in unpaid salary.
Boomin however has assets worth just £142,992,28.
Online Marketplaces wrote a timeline of Boomin's "riches to rags" story last month—read it here.
CoStar Group has reported an 83% surge in full-year Adjusted EBITDA as the US property giant posted its 59th consecutive...
Read More
Zillow has asked a federal court to dismiss a consolidated class-action lawsuit challenging the company’s agent referral and mortgage tools....
Read More
Zillow has outlined its 'structural AI advantage' in an open letter to investors. The portal highlighted that AI is already...
Read More
The Swedish press is reporting that Booli, Sweden's second portal, has entered an agreement with the agency group, Fastighetsbyrån, as...
Read More
