Specialist finance provider taken over in pre-pack deal

A specialist finance provider has been taken over after its holding company went into administration, TheBusinessDesk.com can reveal.

Bristol-based CMME Group controlled specialist mortgage broker CMME Mortgages and Protection and wealth manager 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.

Josh Dwyer and Richard Heis from Interpath Advisory were subsequently appointed joint administrators to CMME Group Ltd.

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 and neither of the two operating subsidiaries entered an insolvency process.

M&P and CWM will continue to trade under the control of its directors.