Specialist finance provider taken over in pre-pack deal
TheBusinessDesk.com can confirm that a specialist finance provider was taken over by its holding company following the administration of its holding company.
Bristol-based CMME Group was the specialist mortgage broker CMME Mortgages and Protection and wealth manger Contractor Wealth Management.
The group had employed around 130 staff in 2019, but this had reduced by half through the pandemic while the parent company racked up losses of nearly £15m in three years.
Interpath Advisory’s Josh Dwyer was appointed as joint administrator to CMME Group Ltd. Richard Heis, Interpath Advisory’s, was later appointed as co-administrators.
A pre-pack deal was agreed with OneDome Finance, a newly-created subsidiary of London-based property platform OneDome, for CMME’s two companies.
The sale of Contractor Wealth Management (“CWM”) completed immediately, while completion of the takeover of CMME Mortgages and Protection (“M&P”) is subject to approval from the regulator, the Financial Conduct Authority.
The deal secured 66 jobs – 56 at M&P and 10 at CWM.
Dwyer, managing director at Interpath Advisory, said: “We are pleased to have secured these transactions, which will allow new investment to flow into both M&P and CWM.”
CMME Group was a non trading holding company. Neither of the operating subsidiaries entered into insolvency.
M&P and CWM will continue to trade under the control of its directors.
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