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

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.