LSL buys Pink Home Loans
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LSL Property Services has agreed to acquire Pink Home Loans and its subsidiary business BDS Mortgage Group from Skipton Building Society, subject to Financial Services Authority approval.
LSL is acquiring the entire share capital of Advance Mortgage Funding, which trades as Pink Home Loans for a purchase price of £1.59m, which LSL is funding from existing banking facilities.
Mortgage Strategy revealed last Friday that an announcement was imminent.
Pink says its new partnership with LSL will create a formidable new force in the intermediary sphere, as one of the largest intermediary networks in the UK focusing on mortgage and protection advice.
With the acquisition of Pink Home Loans, LSL will now have more than one thousand appointed representative advisers across the group, including First Complete and more than 300 advisers in Linear Financial Solutions and across its estate agencies Your Move and Reeds Rains.
This acquisition also includes the Pink Mortgage Club and Pink ClubVIP which have over 5000 directly authorised intermediary members.
LSL says it intends to invest in the good work that has already been done by the Pink Mortgage Club to enhance the proposition for the DA market.
Pink will be run independently from LSL’s other financial services businesses and will operate as a standalone network; it will report into the LSL executive team but will retain its existing management team which will continue to be run under David Copland’s leadership, with no redundancies expected.
Simon Embley, chief executive of LSL says: “Pink Home Loans is a high quality business that will add significantly to our distribution capability.
“We fundamentally believe that a company can only survive and be profitable with scale in the current market. With Pink included in the Group, LSL is well positioned to drive value for our shareholders, our broker and lender partners and their customers.”
David Copland, managing director of Pink Home Loans, says: “In this new business and regulatory climate, scale is a vital component in the success of distribution businesses like ours – something Pink has been developing over the past three years with its organic growth and the acquisition of BDS.
“It is testament to the quality of our appointed representatives and our staff that LSL have acquired the business.
“This new relationship with LSL further enhances our capability and we are looking forward to the exciting new opportunities it represents.”
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