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Charter Court Financial Services eyeing float

by: Chris Menon
  • 04/09/2017
  • 0
Charter Court Financial Services eyeing float
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.

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