£200m Newcastle joint property venture makes first acquisition
Newcastle based property services company LSL has announced Pivotal Growth Limited has completed its first acquisition, Scottish mortgage broker Lifetime Finance Group Limited.
Pivotal Growth was established in April 2021 as a joint venture with Pollen Street Capital, to “buy and build” a leading national mortgage broker powered by “market leading technology, first class regulatory compliance, and exemplary customer service”.
It is planned that at least £200m will be made available by way of equity and debt to fund acquisitions.
Lifetime Finance Group has been established for over 25 years and is one of the largest mortgage brokers in Scotland, with particular expertise in advising contractors and self-employed clients.
Pivotal Growth is currently discussing a number of other potential opportunities and expects to complete further transactions in the coming months.
David Stewart, group chief executive of LSL, commented: “I am pleased to confirm that Pivotal Growth has successfully concluded the acquisition of Lifetime Finance Group.
“The Pivotal Growth management team is in active discussion with a number of other brokers that it believes would benefit considerably by being part of Pivotal Growth and we expect to confirm further deals in the early part of 2022.”
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