Corsair set to buy stake in London & Country

Money
Private equity company Corsair Capital is set to buy a third of London & Country in a deal that values the broker at around £150m.

L&C has been searching for investment since Q3 2016 and is eyeing an IPO in the coming years, according to the Financial Times.

Corsair chairman Lord Davies is likely to sit on the L&C board if the deal happens.

Corsair specialises in financial services investment. The firm also has stakes in Bermuda insurer Enstar, foreign exchange firm Currencies Direct and ATM company NoteMachine.

London & Country’s main shareholder is its chairman, Mike Edge.

The broker made a profit of £9.5m in 2016 on turnover of around £44.5m.