"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."
- Pivotal Growth's CEO, Simon Embley
Pivotal Growth has completed the acquisition of mortgage brokerage John Charcol Group for an undisclosed sum.
Founded in 1974, John Charcol is made up of 150 mortgage and protection advisers and is one of the oldest brokers in the UK.
Pivotal Growth is a joint venture between LSL Property Services Pollen Street and has now made eleven acquisitions since it was formed in 2021. The acquisition, funded from cash reserves, will lift Pivotal's annual revenue to around £63m with more than 410 advisers and 615 members of staff.
Pivotal Growth's CEO, Simon Embley, said: “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.”
Chris Wallis, chief executive of John Charcol, added: “I look forward to working with Simon and the Pivotal Growth team to build on the growth we have seen in recent times.”
