Pivotal Growth, which is LSL’s JV with City company Pollen Capital, has bought John Charcol in a deal approved by the FCA
One of the biggest names in mortgage broking has been bought by the financial services arm of estate agency LSL, the group behind Reeds Rains and Your Move.
Pivotal Growth, which is LSL’s JV with City company Pollen Capital, has bought John Charcol in a deal approved by the Financial Conduct Authority (FCA).
Charcol was one of the first mortgage brokers in the UK and its spokesperson Ray Boulger has been the go-to expert on financial services for the media for decades since he joined in 1989.
Established in 1974 by founders John Garfield, Charles Wishart and Colin Studd, it went into administration in 2010 but was saved by city company Towergate, which then helped grow it into an important player within the financial services sector. In 2015 it was sold to private equity outfit Palatine, which appointed Waypoint to grow the business further.
John Charcol now manages more than 150 mortgage and protection advisers and is the eleventh acquisition by Pivotal since the company began its buying spree three years back – LSL pitches itself more as a financial services company these days than a property one.
Simon Embley, Chief Executive Officer of Pivotal Growth, comments: I am absolutely delighted to welcome such an iconic brand to Pivotal Growth.
He adds: Through further investment, our plan is to grow the adviser base and diversify and develop the product offering, which we see as a significant area for growth.
Chris Wallis, boss of John Charcol says: This transaction is great news for John Charcol. I look forward to working with Simon and the Pivotal Growth team to build on the growth we have seen in recent times.
The price of the acquisition has not been disclosed.