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Together mulling a possible sale or IPO – reports

  • 16/07/2021
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Together mulling a possible sale or IPO – reports
Together is reportedly mulling a sale that could value it at £1bn, it has been reported.


Bloomberg News said Together could attract interest from established lenders, with an initial public offering (IPO) also a possible option.

Financial advisory group Rothschild & Co was reportedly working with Together. 

Together’s spokesperson said: “We don’t comment on media speculation.” Rothschild refused to comment.

The lender issued a trading update for its fourth quarter ending 30 June 2021 on Tuesday. 

Originations had grown by 17.1 per cent to £146.9m in the quarter, compared to £125.4m for the three months January to March 2021.

In June, originations hit £190.3m, “the highest monthly lending since the first UK lockdown”, Together said.

The lender had reported a “£3.9bn diversified, secured loan book with very conservative loan to values”, as of 31 March.

Gerald Grimes, group chief executive designate at Together, said of the latest trading update: “We have maintained our strong momentum into the fourth quarter. We have also added further strength and depth to our funding structure as we continue to shape our business for the future.

“With demand for specialist lending products expected to grow strongly, Together is well placed to help increasing numbers of customers to realise their ambitions and to support the UK economy in bouncing back from the pandemic.”

The firm had added £345m of facilities to its funding platform since 31 March.

“We continued to add diversity and maturity to our funding structure during the quarter, with the completion of our second small balance commercial real estate mortgage backed securitisation, CRE2, for £249m in June, just three months after we issued the first transaction of this kind since the global financial crisis,” it said.

“Since the year end we have also issued the £96.2m Brooks ABS1 transaction, our first facility for non-performing loans and our sixth successful funding transition since the start of the Covid-19 pandemic,” the company added.


Tough pandemic

In February, Together had reported £896m of new lending in the calendar year 2020, £1.3bn lower compared to £2.2bn in 2019, owing to the pandemic.

The firm was founded by Henry Moser in 1974 and has grown to become a leader in specialist lending. 

Moser has featured as a regular on the Sunday Times’ Rich List, this year ranking at number 156 with net worth of £1.1bn.


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