Mortgage Advice Bureau Writes off Boomin Investment as the Failed Portal Publicises its £10M Debts

December 2, 2022
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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.

 

December 2, 2022
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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