Key facts
- Better Home & Finance Holding Co. is selling its UK subsidiary, Birmingham Bank, to a buyer consortium.
- The consortium has escrowed £10 million for the transaction.
- The sale price is 0.95 times Birmingham Bank's tangible net asset value.
- Birmingham Bank's tangible net asset value was approximately £56 million ($74 million) as of Sept. 30.
- Better expects its cash balance to increase to approximately $140 million if the transaction closes.
- Better acquired Birmingham Bank in April 2023 after an initial minority stake purchase in 2022.
Better Home & Finance Holding Co. announced Tuesday that it has made progress on the proposed sale of its wholly owned subsidiary, Birmingham Bank, to a buyer consortium. The consortium, which includes B Singh Partners and three Asian family offices, has escrowed £10 million related to the transaction.
The sale remains subject to regulatory approval, definitive documentation, and other customary closing conditions. Better plans to sell 100% of its interest in Birmingham Bank for gross consideration equal to 0.95 times the bank’s tangible net asset value at closing. As of Sept. 30, Birmingham Bank’s tangible net asset value was approximately £56 million, or about $74 million.
Better originally acquired Birmingham Bank in April 2023, following an initial minority interest purchase in 2022. The company announced in April 2026 that it had launched a sale process for the UK-based bank to "simplify" its international footprint. Vishal Garg, founder of Better, stated that the company is making significant progress on the transaction with B Singh Partners and its backing family offices.
If the transaction closes, Better expects its cash balance to increase to approximately $140 million, based on cash balances and estimated net proceeds from the sale as of Sept. 30. Loveen Advani, Better’s chief financial officer, noted that this increased liquidity would fund business growth and the path to positive cash flow. Birmingham Bank is classified as held for sale and reported as discontinued operations in Better’s financial statements. Orrick, Herrington & Sutcliffe is serving as legal counsel to Better, while FT Partners is acting as its exclusive financial adviser.