REG - Shawbrook Group PLC - Acquisition of Bluestone Mortgages Limited (BML)
20/03/2023 08:15
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RNS Number : 4299T Shawbrook Group PLC 20 March 2023
Shawbrook Group plc - Shawbrook to acquire Bluestone Mortgages Limited ("BML")
Shawbrook Group plc (the Group) today announces that it has signed an
agreement to acquire Bluestone Mortgages Limited ("BML"), a specialist
mortgage lender focused primarily on owner-occupied mortgages.
BML, part of the Bluestone Group, was established in 2014 and has rapidly
secured a notable share of the UK specialist mortgage market through a
compelling product and service proposition.
Since first establishing a platform lending arrangement in 2017, Shawbrook has
maintained a successful relationship with BML.
The two organisations also share an approach to providing specialist finance
at scale, which combines technology and data with the expertise and judgement
of their people. This 'best of both' model is key to delivering a seamless
digital experience with swift decision making and certainty of funding.
Subject to satisfaction of the conditions precedent to the acquisition,
completion is expected to take place in Q2 2023.
Marcelino Castrillo, the Group's Chief Executive Officer commented:
"We are delighted to have strengthened our long-standing and successful
partnership with Bluestone Mortgages through this acquisition. Bluestone
Mortgages is a well-established brand in the UK specialist residential
mortgage market, and by bringing the two organisations together, we can use
our combined capabilities and scale to offer an even stronger proposition to
UK homeowners.
Driven by increasing numbers of people choosing to work for themselves or in
sectors where incomes are complex, we anticipate significant long-term growth
in the specialist mortgage market. With both Bluestone Mortgages and The
Mortgage Lender brands combined with Shawbrook's strong and stable balance
sheet, the Group is very well placed to consistently meet this growing
demand."
Steve Seal, Bluestone Mortgages' Chief Executive Officer, commented:
"This transaction is great news for Bluestone Mortgages, our intermediary
partners and our customers. Shawbrook has been a long standing strategic
partner for many years and joining the Shawbrook Group is a natural step as we
continue to grow and develop the business.
We have exciting growth plans and the support available from Shawbrook will
help to accelerate these, enabling BML to provide innovative lending solutions
to the growing number of customers who will need the support of a specialist
mortgage lender."
For further information, please contact:
Stephanie Mackrell
Tulchan Communications
shawbrook@tulchangroup.com (mailto:shawbrook@tulchangroup.com)
For investor enquiries, please contact:
Murray Long
Head of Investor Relations
murray.long@shawbrook.co.uk (mailto:murray.long@shawbrook.co.uk)
About Shawbrook - Banking for the real world
Shawbrook is designed to accommodate individuality, diversity and the dynamics
of the modern world. We are driven by our purpose, to power up ingenuity to
create opportunity, every single day.
Leveraging strong digital capabilities to complement deep human expertise, our
'best of both' proposition is ideally placed to provide personalised finance
solutions to those with immediate and often complex needs. We offer a
diversified range of practical lending and savings products across three
customer franchises to serve consumers, businesses and real estate
professionals.
Our advanced digital platform enables us to provide a differentiated
proposition to an expanding customer base. Our multi-channel distribution and
end-to-end digital capabilities are empowered by our expert talent and
partnerships with a range of leading FinTech and data providers to deliver
best-in-class customer experiences.
The Group's lending activities are primarily funded by a stable retail deposit
book consisting of easy access and ISA accounts, variable rate notice accounts
and fixed rate fixed term accounts (mostly one - five years). Shawbrook Bank
Limited is an operating entity of Shawbrook Group plc. Shawbrook Bank Limited
is authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority and is a
member of the Financial Services Compensation Scheme.
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