"We are confident that, with the additional support of a strategic minority investor, we can bring forward L&C’s goal of becoming the next household name in financial services."
These include accelerating investment into L&C’s online capabilities and brand awareness as well as making selected appointments to support L&C’s management and corporate governance structure.
In June this year L&C announced that it had appointed Fenchurch to advise on a range of strategic options for the business, including a potential sale or initial public offering. This followed the receipt of certain expressions of interest from third parties.
L&C says it is currently on track to deliver a "significant increase in profitability in 2016", off the back of continued growth in its market share and despite a difficult market environment in the run up and following the EU referendum.
L&C Managing Director, Phil Cartwright, said: “We see an opportunity to create significant value in the next few years. The business is at the forefront of investment in distribution technology and is extremely well positioned to take advantage of shifting trends in the way consumers buy financial products.
"In combination with our qualified mortgage adviser sales force, this will deliver an unparalleled service giving customers choice about how they access our award winning, fee free mortgage advice. We have some exciting new initiatives that our customers and business partners will start to see over the next twelve months and we are confident that, with the additional support of a strategic minority investor, we can bring forward L&C’s goal of becoming the next household name in financial services.”
