The subsidiaries of a Bristol mortgage finance company that fell into administration last month have been sold off in a pre-pack administration deal.
CMME Group Limited is a non-trading holding company that appointed administrators from Interpath Advisory in December. Its two trading firms - CMME Mortgages and Protection (M&P) and wealth manager Contractor Wealth Management (CWM) - were sold off to OneDome Finance, a subsidiary of London-based property platform OneDome.
Neither M&P or CWM entered an insolvency process and continue to trade under the control of the directors. CMME's 65-strong team have joined the OneDome Group as part of the transaction.
OneDome was launched in late 2019 by London-based Babek Ismayi and now competes with some of the UK's biggest property platforms including Rightmove and Zoopla.
CMME Group is owned by private equity firm Livingbridge and provides specialist mortgage brokering and wealth management services. Josh Dwyer and Richard Heis of Interpath Advisory were appointed joint administrators of CMME Group on December 22.
Immediately following their appointment, the joint administrators undertook a transaction to sell the company’s shares in the firm's trading arms - M&P and CWM. While the sale of CWM exchanged and completed simultaneously, the sale of M&P remains subject to Financial Conduct Authority approval and will complete at a later date, the administrators said.
Josh Dwyer, managing director at Interpath Advisory and joint administrator, said: “We are pleased to have secured these transactions, which will allow new investment to flow into both M&P and CWM. We wish the management teams all the very best for the future.”