The sale of Start and other Irish mortgage assets collectively known as the Transaction Group will be made to an affiliate of Lone Star Funds, a private equity firm, subject to regulatory approval.
In its latest full year accounts the Transaction Group reported a loss before tax of
£21m, had gross assets of £540m and approximately 70 employees.
Last week, Investec revealed it had agreed the price tag of £180m for its specialist mortgage lender Kensington which will be sold to private equity firms Blackstone Tactical Opportunities and TPG Special Situation Partners.
Former Shawbrook chief executive Ian Henderson will take over as group chief executive of Kensington.
The new owners plan to expand Kensington’s mortgage business and will extends its specialist finance offering. The sale is still subject to approval.
