Estate agency giant LSL has bought another UK mortgage broker via its partnership with Pollen Street Capital.
Grange Mortgage and Protection Services is a specialist new build mortgage and insurance brokerage based in Northampton and has been providing advice to clients purchasing new build properties across the UK for over 15 years.
The joint venture, called Pivotal Growth, was launched in April last year with the aim of creating a major mortgage broking operation via the purchase of 50 companies via a £200 war chest, all of which will then become member of PRIMIS, LSL’s existing tech-based broker platform used by 2,600 independent and estate agency mortgage brokers and advisors.
Financial services are now listed as LSL’s key service on its website, listing estate agency last, even though it operates one of the UK’s largest agency chains including Your Move, Reeds Rains, Thomas Morris, Lauristons and Marsh Parsons.
“We see this investment by Pivotal Growth as an important step for Grange, which will give us access to capital and technology that is becoming increasingly important to address the needs of all stakeholders we support in the dynamic new build and re-sale sectors,” says Dan Mumford, MD of Grange.
Simon Embley (pictured), CEO of Pivotal Growth and also LSL’s former non-executive chairman, says: “We see the new build sector playing an important role in our growth plans and we are particularly excited to be able to work with Dan and his team to develop the business further.”
This is the second acquisition by the joint venture, the first being in December.