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

December 2, 2022

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 accidental real estate journalist and professional 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 worked as a freelance copywriter since 2021, with a special focus on startups real estate. Harvey joined Online Marketplaces as a News Editor in 2022, writing over 2000 news stories and interviewing dozens of high profile industry leaders both in-person and as a co-host of the PPW Podcast.

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