LSL buyout of Pink Home Loans imminent
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LSL Property Services is close to signing a deal to buy Pink Home Loans, Mortgage Strategy understands.
It is believed LSL could announce the deal as soon as next week, which will see Pink Home Loans remain as a standalone network.
The network, currently owned by Skipton Building Society, is not believed to be merging with fellow LSL network First Complete, formerly Home of Choice.
LSL is believed to not be looking to make any redundancies as part of the buyout and the network will continue to operate as normal.
Mortgage Strategy recently revealed Advance Mortgage Funding, which trades under the name Pink Home Loans, breached Financial Services Authority capital requirement levels in 2009.
But in February 2010 it issued preference share capital of £600,000 to meet the regulated capital requirements.
LSL Property Services bought the assets of Home of Choice for £1.5m in May.
The firm owns the UK’s largest residential surveying operation and owns the UK’s second largest estate agency network, having acquired the Halifax estate agency operation.
In 2009, LSL Property Services reported pre tax profits of £28.3m.
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Readers' comments (4)
Bob Scott | 15 Oct 2010 10:06 am
All intermediaries,AR AND DA alike, should welcome this news.It is another indication that there is still belief in the sector in the face of regulatory and wider economic uncertainty blighting every news medium.Pink will not only survive but, living to fight another day will,hopefully allow them to prosper again.(Worth saying well done to Skipton who kept them afloat to date with their belief and support)
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Alan J Nadin | 15 Oct 2010 10:24 am
Good luck to Pink....a great bunch of people, who have been very supportive to the DA channel for years with their mortgage club, particularly the VIP members.
I hope you will flourish from the new investment.
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Andy Valvona | 15 Oct 2010 11:22 am
This is great news - what a vote of confidence in the market! It's no secret that Pink/BDS have not been as profitable over the past few years as Skipton would have liked, but they have supported the network through thick and thin.
Well done Skipton, well done LSL, and good luck to Dave Copland (one of the industry's true "Good Guys") and his team.
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Mo Iqbal | 15 Oct 2010 1:11 pm
Pink have a great team down in Lichfield and have been supported well by Skipton. All the best for everyone at Pink, long may they prosper.
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