Wizard founder Mark Bouris wants his baby back
Monday, May 26, 2008/
Mark Bouris, the founder and chairman of Wizard Home Loans, is reportedly poised to regain control of the business he and business partner James Packer sold to GE Money in 2004 for $500 million.
According to a report in The Australian newspaper, Bouris has been working with franchisees on a plan to regain control of the business and float it when equity markets improve.
But the report says Bouris’s plans could be scuttled by GE Money’s own plans to put the business up for sale.
The credit crunch has made conditions difficult for non-bank lenders. RAMS Home Loans almost collapsed and was forced to sell part of its business to Westpac last year, and Bluestone is restructuring its business after finding it near impossible to get funding.
Bouris and Packer retain a 20% stake in the international division of Wizard, which has branches in India.
Spokespeople for Wizard and GE were not available for comment this morning.