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London and Country seeks investment ahead of 2018 IPO plans

  • 07/11/2016
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London and Country seeks investment ahead of 2018 IPO plans
National mortgage brokerage London and Country is looking for an investor to buy a minority stake in the company to grow the firm ahead of plans to float in December 2018.

In June, London & Country appointed Fenchurch, a corporate finance advice firm, to review its strategic options which included a sale or Initial Public Offering (IPO), after receiving interest in the firm from third parties.

It has decided to earmark December 2018 for an IPO, subject to market conditions.

Pre-IPO investment is required to enhance its online capabilities and raise brand awareness of the firm as well as appointing staff to support London & Country’s management and corporate governance structure.

A spokesperson said the date had been set two years from now to allow it to improve the overall return for shareholders. “We’re in no rush to do this, we want to take our time to get the best result,” he said.

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.”

Cartwright said that with the support of a minority investor, London & Country wants to become a household name in financial services.

Last year, the firm advised on £8.5bn of mortgages and received £8.5m of profit before tax.

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