Troubled Corum Likely to Be Taken over; MORTGAGES: Chepstow-Based Firm Could Be Part of Management Buy-Out by Newly-Formed DDM 2000

Western Mail (Cardiff, Wales), October 19, 2001 | Go to article overview

Troubled Corum Likely to Be Taken over; MORTGAGES: Chepstow-Based Firm Could Be Part of Management Buy-Out by Newly-Formed DDM 2000


Byline: JAMES PRITCHARD

AFTER a year of crippling losses troubled mortgage company Corum looks likely to be taken over in a management buyout. A 2p-a-share bid for the business, which suspended trading in its shares last May and placed a number of its operations into liquidation, has been made by newlyformed limited company DDM 2000.

And the current board is recommending that shareholders accept the offer.

The executive directors of Corum, Malcolm Blight, David Barnett and David Tamlyn have set up the bidding company, specifically to buy the ailing Chepstow-based insurance firm.

In May 2001 four of Corum's subsidiaries, Mortgage Direct, Mortgages 'R Us, Mortgage Direct West and Telemark were placed into creditors' voluntary liquidation and share dealing was suspended.

The remaining subsidiaries, Millennium Insurance Brokers, Prosperity Direct IFA and Premier Mortgage Packagers continued trading but yesterday the company confirmed they had experienced difficult trading conditions during the financial year.

Corum's interim results for the year ended April 31 show the full scale of the company's problems.

The year saw operating losses of pounds 16.5m compared to a relatively manageable pounds 491,000 in 2000 and losses per share of an extraordinary 97.67p each.

Acting non-executive chairman, David Rogers said the board felt its only option was to accept the bid from DDM 2000.

"The directors consider that trading conditions will continue to be difficult in the foreseeable future and have concluded that the company needs urgently to raise additional funding in order to survive as a public company. …

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