North East property firm LSL has announced that its joint venture Pivotal Growth has made its first acquisition.
The listed Newcastle estate agency business – owner of E.surv Chartered Surveyors, Your Move and Reeds Rains – established Pivotal Growth in April of this year, as a joint venture with Pollen Street Capital to “buy and build” a leading national mortgage broker.
It is planned that at least £200m will be made available by way of equity and debt to fund acquisitions.
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Now the firm has announced that Pivotal Growth has snapped up Lifetime Finance Group Limited, a business which 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 significant number of other potential opportunities and expects to complete further transactions soon.
David Stewart, group chief executive of LSL, said: “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.”
