London & Country lines up IPO

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The UK’s largest independent mortgage broker London & Country has set out plans for an initial public offering.

L&C has set a deadline of December 2018 to list, but has not said which exchange it is targeting.

It has also not said how much it hopes to raise through the IPO.

The decision follows three months of consultation on options for taking the business forward, which included a potential sale after “certain expressions of interest from third parties.”

L&C will offer a minority stake in the company in the run up to a float, and is targeting development in both its online infrastructure and brand awareness.

L&C managing director Phil Cartwright says: “We see an opportunity to create significant value in the next few years.  The business is at the forefront of investment in distribution technology and is extremely well positioned to take advantage of shifting trends in the way consumers buy financial products. In combination with our qualified mortgage adviser sales force, this will deliver an unparalleled service giving customers choice about how they access our award winning, fee free mortgage advice.”

L&C described the run-up to the EU referendum as “difficult” but the firm says it is still on track to increase profits in 2016.