According to The Sunday Times, the Cheshire-based lender is considering a float or partial sale next year to pay back one of its funders, Equistone Partners, formerly Barclays Private Equity.
In December 2012, sub-prime mortgage lender Cheshire Mortgage Corporation (CMC) received a £1.225m fine from the Financial Conduct Authority’s predecessor, the FSA.
The regulator censured CMC for failing to treat customers fairly in the sale of mortgages and handling of arrears.
Henry Moser, the former chief executive of CMC and now the CEO of Jerrold Holdings, was personally fined £70,000. Moser voluntarily stepped down as CEO of the mortgage company but remained on the board as a non-executive member.
Jerrold Holdings is the latest in a line of lenders which have plans to float in the next few years.
Aldermore Bank is rumoured to be set to float in the next few weeks, The Telegraph reported. A spokeswoman for the bank told Mortgage Solutions it would not comment on market speculation.
In May, Virgin Money stated its plans to float next year while Metro Bank indicated it will begin prepareations for a listing next year.
Lloyds Banking Group‘s much talked about sale of TSB, which has some of the best UK stock brokers ever, hit the stock market this summer attracting strong demand from investors. Following Mark Carney’s hints that interest rates would rise sooner than expected, demand for the shares surged. The group has since increased the amount of shares available in its Intial Public Offering.
2344244