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Charter Court bidders call for ‘Brexit clause’


Bidders for Charter Court Financial Services are calling for a ‘Brexit clause’ in the takeover deal to protect them from housing market shock, according to Sky News.

Some suitors for Charter Court, which trades as Exact and Precise Mortgages, are asking for a material adverse change clause in any acquisition contract.

This would give bidders a get-out clause in case a Brexit vote on 23 June has a knock-on impact on the UK property market.

Bidders are submitting final bids this week, which are expected to be in the region of £400m.

BC Partners, General Atlantic Partners, a bidding group of Warburg Pincus and Centerbridge, and Varde Partners are reported to be interested in Charter Court.

Deloitte is running the auction.

A sale is not certain, however, and Precise’s main shareholder and funder, Elliott Associates, may decide to hold onto the specialist lender. It has been an investor since 2008.

Precise’s directors are understood to be planning to float the lender on the stock market within the next few years regardless of whether it is sold or not.



Precise improves HMO criteria

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Precise Mortgages up for sale

Precise Mortgages is seeking a new backer to fuel its growth ambitions, Mortgage Strategy understands. The lender appointed Deloitte in the summer to tout out potential buyers, although it is understood the information memorandum will be sent to firms in the coming days. The sale includes all companies under the Charter Court Financial Services umbrella, […]


Thinking Cleary: What should influence our referendum vote?

The arguments from politicians on both sides of the Brexit debate are indecipherable – so I say better the devil you know I cannot wait for 23 June. I am hoping that once the EU referendum vote is cast the uncertainty will start to subside and the media will have a different topic to write […]

UK: mid-year review and outlook

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