Pivotal Growth Limited – which is LSL’s joint venture with Pollen Capital – has acquired mortgage broker, John Charcol Group Limited (“John Charcol”). The transaction has been approved by the FCA in respect of a change in control.
John Charcol is a well known mortgage and protection broker with offices in London and Southampton, having been established in 1974 as one of the first mortgage brokers in the UK. The business manages over 150 mortgage and protection advisers.
In 2015, Palatine Private Equity LLP acquired John Charcol and in 2019 appointed Waypoint Change Limited who have succeeded in transforming the business by growing their adviser base and introducing technology-led initiatives to improve their customer experience.
This is the eleventh acquisition made by Pivotal Growth since its inception in 2021, following on from their most recent acquisitions of Select Mortgage & Financial Solutions and Select Brokers in early 2024.
The acquisition of John Charcol increases total group annualised revenues to around £63m with more than 410 advisers and 615 staff members. The acquisition will be funded with Pivotal Growth’s excess cash.
Simon Embley, Chief Executive Officer of Pivotal Growth commented:
“I am absolutely delighted to welcome such an iconic brand to Pivotal Growth. 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.”
Embley was deputy chairman of LSL Property Services from 2013 to 2015 and remains as a non-executive director of the company.
Chris Wallis, Managing Director/CEO of John Charcol commented:
“This transaction is great news for John Charcol. I look forward to working with Simon and the Pivotal Growth team to build on the growth we have seen in recent times.”
