Charter Court Financial Services, the challenger bank that owns the Exact and Precise mortgage brands, is to announce a stock market listing valuing the company at around £500m later this month, according to a report by Sky News.
The firm, owned by hedge fund Elliot Associates, cancelled a £400m auction last year after bidders demanded that a Brexit clause allowing them to cut the price they paid for the business be inserted into any deal.
For the full year ended 31st December, 2016, Charter Court made a pre-tax profit of £48.9m, which was 80% up on the previous year’s £27.2m.
The company is believed to be working with Barclays and Royal Bank of Canada on the float plan with EY, a professional services firm, as an advisor.
No precise details as to the number of shares to be issued or the price range of the proposed shares have yet been released.
