Pivotal Growth has purchased mortgage and protection broker John Charcol Group Limited for an undisclosed sum.
John Charcol, established in 1974 as one of the first mortgage brokers in the UK, has offices in London and Southampton and manages more than 150 advisers.
In 2015, Palatine Private Equity bought John Charcol and in 2019 it appointed Waypoint Change Limited who grew the firm's adviser base and introduced technology-led initiatives to improve customer experience.
The deal will boost Pivotal Growth’s total group annualised revenues to £63mn with more than 410 advisers and 615 staff members.
The firm said the acquisition would be funded by Pivotal Growth’s ‘excess cash’.
Pivotal Growth was set up as a joint venture between LSL, the parent company of mortgage network Primis, and private equity firm Pollen Street Capital to buy and build a national mortgage adviser.
Simon Embley, chief executive officer of Pivotal Growth, said: “John Charcol needs no introduction to any market participant, having historically been recognised as one of the most prestigious mortgage brokers in the UK.
“Palatine and Waypoint have done an excellent job in transforming the business and in ensuring its profits have grown.
"Through further investment, our plan is to grow the adviser base and diversify and develop the product offering, which we see as a significant area for growth.”
This takes the total number of deals Pivotal Growth has made since its inception in 2021 to 11.
It bought Northern Ireland-based Select Mortgages and Select Brokers for undisclosed sums earlier this year (January 2024).
alina.khan@ft.com
