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Agencies & People

LSL joint venture Pivotal Growth snaps up national mortgage firm

Acquisition of Glasgow-based Lifetime Financial Growth is part of agency giant's £200m plan to build a new UK financial firm.

Nigel Lewis

lifetime financial group mortgages

Industry giant LSL’s new mortgages and insurance joint venture Pivotal Growth has acquired its first large financial services firm.

Glasgow-based financial services firm Lifetime Finance Group (LFG), which is one of the largest intermediaries in Scotland but has coverage across the UK too, was established over 25 years ago and is also part of the PRIMIS mortgage network.

LFG (pictured) specialises in mortgages for new-build property, contractors self-employed workers and, via its Aberdeen Mortgage Company, the Scottish market. It is headed up by Gordon Hunter, who is former Barclays senior.

The acquisition by Pivotal Growth, which is a JV between LSL and City firm Pollen Street Capital established in April this year, is part of its plan to become a major tech-led player in the  mortages and insurance broking market.

£200 million

LFG has been given £200 million to play with and says it has several other irons in the fire.

Gordon Hunter, Managing Director of LFG, says: “Pivotal Growth is an ideal partner, and I am delighted to be retaining a minority investment in the business, particularly due to the future opportunities that this brings.

“Investment by Pivotal will give us the capital and technology that is becoming increasingly important to be able to satisfy the growing demands of all stakeholders, including, consumers, lenders and the regulator in a fast-moving dynamic market.”

Link to LSL's newsSimon Embley (pictured), CEO of Pivotal Growth and a NED on the LSL board, says: “I am pleased to confirm that Pivotal Growth has successfully concluded the acquisition of Lifetime Finance Group. We are particularly excited to be able to work with Gordon and his team to develop the business further.”

 

 

December 9, 2021

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