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Pivotal Growth acquires John Charcol Group

  • 04/04/2024
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Pivotal Growth acquires John Charcol Group
Pivotal Growth has purchased John Charcol Group for an undisclosed amount in a transaction that has been approved by the Financial Conduct Authority (FCA).

There are no planned changes to the structure or employees at John Charcol, Mortgage Solutions understands. 

John Charcol launched in 1974 and was one of the first mortgage broker firms in the UK. It currently has more than 150 mortgage and protection advisers. 

The firm was acquired by Palatine Private Equity in 2015. Then, in 2019, John Charcol appointed Waypoint Change to help the firm with its strategic growth by expanding its adviser base and introducing technology processes. 

This marks the 11th acquisition by Pivotal Growth since it was established in 2021. Earlier this year, it acquired Northern Irish firms Select Mortgage and Financial Solutions and Select Brokers. 

The transaction with John Charcol brings its adviser numbers to 410, its annualised group revenues to around £63m and number of staff members to 615. 

The acquisition will be funded by Pivotal Growth’s excess cash. 

Simon Embley, chief executive of Pivotal Growth, said: “I am absolutely delighted to welcome such an iconic brand to Pivotal Growth. John Charcol needs no introduction to any market participant, having historically been recognised as one of the most prestigious mortgage brokers in the UK. Palatine and Waypoint have done an excellent job in transforming the business and in ensuring its profits have grown.

“Through further investment, our plan is to grow the adviser base and diversify and develop the product offering, which we see as a significant area for growth.”

Chris Wallis, managing director and chief executive of John Charcol, added: “This transaction is great news for John Charcol. I look forward to working with Simon and the Pivotal Growth team to build on the growth we have seen in recent times.” 

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