This follows the announcement of LSL’s intention to buy on 19th October 2010. This means that as of today, December 1st 2010, LSL will now own Advance Mortgage Funding Limited (trading as Pink Home Loans) and its subsidiary business BDS Mortgage Group Limited.
The companies, together known as Pink, were purchased from Skipton Building Society for £1.59million. The acquisition of Pink marks another step in the growth of LSL Property Services’ financial services division and will make it one of the largest intermediary networks in the UK focusing on mortgage and protection advice.
Following the acquisition, LSL now has 1300 advisers across its network businesses in Pink and First Complete, and will also have an arm for advisers who wish to be directly authorised through the Pink Mortgage Club.
LSL and Pink will work together to enhance Pink’s award winning offering to both appointed representatives and directly authorised advisers. This will enable both Pink and the LSL Group to further help advisers adapt to the new economic and regulatory climate.
Simon Embley, chief executive of LSL Group, says:
“Pink’s five star service proposition complements existing LSL Group businesses such as First Complete, Linear Financial Solutions, Reed Rains and Your Move. We have a clear strategy designed to improve the proposition that we offer existing advisers throughout LSL financial services division and to attract new advisers to both Pink’s Mortgage Club and its appointed representative network.”
David Copland, chief executive of Pink Home Loans, added:
“Today marks the start of an exciting new period for Pink as we celebrate our 20th year in the intermediary market. It is important that we continue to be at the forefront of intermediary distribution and we are now in the best possible position to meet the regulatory changes of the Mortgage Market Review.
“From the work we have already done together, it’s clear that LSL and Pink share the same aspirations and strategic business goals and I look forward to taking advantage of the opportunities that the Group offers. I would also like to thank the Skipton Building Society for their advice and support over the last decade and wish them every success for the future.”
