Mortgage Lab, which was set up by Rupert Gough in 2017, has grown to have 25 advisers covering most of the country.
Gough, who is the majority shareholder, has agreed to sell the business to the Maurice Trapp Group (MTG) which largely specialises insurance.
Gough, who is the mortgage representative at Financial Advice NZ, says, “with the increased compliance requirements, the company needed a corporate structure behind it. Maurice Trapp Group has the resources to take Mortgage Lab to the next level.”
Gough exits as chief executive for an undefined new role.
He says he’s “excited to join with MTG and help them to fulfil their vision of a full-service financial advice offering to New Zealanders’.
Incoming Mortgage Lab general manager, Jarrod Kirkland, said, “the two companies are very well aligned - geographically and ethically. They perfectly complement each other. Together, both companies benefit from this acquisition.”
Gough says, “as a founder, I want to know that the brand that was built will get even stronger in the future. It’s a huge comfort that a high-quality business like MTG is now taking care of Mortgage Lab.