Ex-Mortgages PLC boss sets up new lender

Former Mortgages PLC chief executive Trevor Pothecary is setting up a new company called The Mortgage Lender with several former colleagues.

The new company will be a specialist lender, Mortgage Strategy understands.

The Glasgow-based firm has not officially launched, but Companies House documents confirm that Pothecary, currently chairman at RPS Capital Partners, is its principal.

The Mortgage Lender has four directors: Pothecary, former Mortgages PLC operations director Hugh Meechan, P&S Thomson Consultancy director Peter Thomson and The Business Lender director Alex Cameron.

Trevor Pothecary is the main shareholder in The Mortgage Lender, followed by Maureen Pothecary. The two own 600,000 of the firm’s 975,000 shares between them.

Other shareholders include Meechan, Thomson and Cameron, as well as Pothecary’s former Mortgages PLC colleagues Scott Callaghan, David Newman, Ailsa Smith, Stephen Crawford, Claire Duncan and Susan McCallum.

Further shareholders include Tom Tredwell, who works alongside Pothecary and Newman at RPS, and Derek Brown.

Mortgages PLC was sold to Japanese-financed Majestic Acquisitions in January 2002 in a deal thought to be worth close to £40m.

Majestic then sold its stake in Mortgages PLC to investment bank Merill Lynch in November 2004.

Pothecary has been approached for comment.