LSL Property Services PLC First Acquisition by Pivotal Growth (1065V)
December 09 2021 - 2:00AM
UK Regulatory
TIDMLSL
RNS Number : 1065V
LSL Property Services PLC
09 December 2021
For immediate release
9 December 2021
LSL Property Services plc ("LSL")
Acquisition by Pivotal Growth of Lifetime Finance Group
LSL announces that Pivotal Growth Limited ("Pivotal Growth") has
completed its first acquisition, Lifetime Finance Group Limited
("Lifetime Finance Group").
Pivotal Growth was established in April 2021 as a joint venture
with Pollen Street Capital, to "buy and build" a leading national
mortgage broker powered by market leading technology, first class
regulatory compliance and exemplary customer service. It is planned
that at least GBP200m will be made available by way of equity and
debt to fund acquisitions.
Lifetime Finance Group has been established for over 25 years
and is one of the largest mortgage brokers in Scotland, with
particular expertise in advising contractors and self-employed
clients.
Pivotal Growth is currently discussing a significant number of
other potential opportunities and expects to complete further
transactions soon.
David Stewart, Group Chief Executive of LSL, commented:
"I am pleased to confirm that Pivotal Growth has successfully
concluded the acquisition of Lifetime Finance Group.
"The Pivotal Growth management team is in active discussion with
a number of other brokers that it believes would benefit
considerably by being part of Pivotal Growth and we expect to
confirm further deals in the early part of 2022."
For further information, please contact:
David Stewart, Group CEO
Adam Castleton, Group CFO
LSL Property Services plc
investorrelations@lslps.co.uk
Notes on LSL
LSL is one of the largest providers of services to mortgage
intermediaries and mortgage and protection advice to estate agency
customers, completing GBP32.6bn of mortgages in 2020. It represents
approximately 9% of the total purchase and remortgage market with
around 2,700 financial advisers. It was named Mortgage Network of
the Year by both Moneyfacts and Mortgage Introducer in their 2020
awards, as well as Best Network 300+ ARs by Mortgage Strategy.
LSL's Financial Services Division includes PRIMIS which is the
trading style of First Complete Limited, Personal Touch Financial
Services Limited and Advance Mortgage Funding Limited which are all
authorised and regulated by the Financial Conduct Authority.
LSL's surveying businesses e.surv is one of the UK's largest
providers of surveying and valuation services, supplying seven out
of the ten largest lenders in the UK, employing over 500
operational surveyors, and performing over 500,000 valuations and
surveys per annum for key lender clients. It was named Best
Surveyor/Valuer at the 2020 Mortgage Strategy awards.
LSL also operates a network of 228 owned and 127 franchised
estate agency branches, with brands that include Your Move, Reeds
Rains and Marsh & Parsons.
For further information please visit LSL's website:
lslps.co.uk
Notes on Pollen Street Capital
Pollen Street is one Europe's leading specialist private equity
investors in the financial and business services sectors, having
invested over GBP2bn since 2003 in a range of financial services
businesses across all stages of development. PSC works with
entrepreneurial management teams to build businesses that deliver
market-leading products and services to their customers in order to
create long-term sustainable success. Pollen Street has
considerable experience of the UK mortgage market and in executing
buy-and-build strategies.
www.pollencap.com
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END
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