LSL has announced the sale of its new build mortgage and protection brokerage firms, Group First Limited (Group First) – which operates under the brands Mortgages First and Insurance First – and RSC New Homes Limited (RSC) to Pivotal Growth Limited (Pivotal Growth). Pivotal Growth is the joint venture LSL established in 2021, with private equity investors, Pollen Street Capital, to “buy and build” a leading national mortgage broker.
The sale is in line with LSL’s strategy to simplify the Group, and to focus on developing further its leading Financial Services Network business; with both RSC and Group First continuing to be Appointed Representatives of its financial services brand, PRIMIS.
Pivotal Growth is considered by LSL to be better placed to increase the value of Group First and RSC, coming shortly after Pivotal Growth’s acquisition of Grange Mortgage and Protection Services, to cement its position in the new homes market; a key sector that is being targeted by Pivotal Growth.
David Stewart, Group CEO for LSL, commented: “The transfer of Group First and RSC represents an important step in the execution of our strategy and in the development of Pivotal Growth. Financial Services is at the heart of the Group’s growth strategy where we have identified significant opportunities to develop LSL’s position as the leading provider of services to independent mortgage brokers.
Pivotal Growth was established in 2021 to exploit the opportunities we had identified in the direct-to-consumer mortgage broking market, and growth in the new build sector is a strategic focus for Pivotal Growth.”
Ian Gascoigne, Partner for Pollen Street Capital, added: “We’re thrilled to welcome both RSC and Group First to Pivotal Growth. These businesses complement the previous acquisition of new-build specialist Grange, and further strengthen Pivotal’s position in the new-build sector, which we see as a core part of our growth plans.”
