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LSL completes Pink acquisition

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  • 01/12/2010
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LSL Property Services has completed its £1.59m acquisition of Pink Home Loans after receiving formal approval from the FSA.

LSL announced it was to buy Pink on 19 October and, as of today, it will own Advance Mortgage Funding Limited, which traded as Pink, and its subsidiary business BDS Mortgage Group Limited.

With Pink, the LSL Group now consists of brands including First Complete (formerly Home of Choice), Linear Financial Solutions, Reed Rains, Your Move, esurv, Barnwoods and Chancellors Associates.

LSL bought Pink from Skipton Building Society for £1.59m and the acquisition makes it one of the largest mortgage and protection intermediary networks in the UK with 1300 advisers across Pink and First Complete.

The group will also have an arm for directly authorised advisers through the Pink Mortgage Club.

Simon Embley, chief executive of LSL Group, said: “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, said: “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.”

He added: “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.”

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