Newcastle property firm LSL has announced that its joint venture Pivotal Growth has made its second acquisition.
Pivotal Growth – a joint venture set up last April with Pollen Street Capital to “buy and build” a leading national mortgage broker – announced at the end of last year that it has at least £200m available by way of equity and debt to fund acquisitions.
Now the JV has completed the acquisition of Grange Mortgage and Protection Services Limited, a specialist new build mortgage and insurance brokerage based in Northampton.
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Grange has been providing advice to clients purchasing new build properties across the UK for over 15 years.
The deal, completed for an undisclosed sum, follows Pivotal Growth’s announcement of its first acquisition in early December 2021, Lifetime Finance Group Limited, a business which has been established for more than 25 years and is one of the largest mortgage brokers in Scotland, with particular expertise in advising contractors and self-employed clients.
The group is now eyeing other opportunities.
A statement to shareholders added: “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 near future.”
LSL 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 around 500 operational surveyors.
The firm, owner of E.surv Chartered Surveyors, Your Move and Reeds Rains, also operates a network of 225 owned and 128 franchised estate agency branches.
