REG - LSL Property Svcs. - First Acquisition by Pivotal Growth

LSL Property ServicesAnnouncement

09/12/2021 07:00

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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 £200m 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 £32.6bn 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 £2bn 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 (http://www.pollencap.com)

 

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