Equistone to exit specialist lender

CHEADLE-based specialist lender Together has made record pre-tax profits of £90.3m  – a 21% increase on last year – as annual lending topped the £1bn mark for the first time.

The lender, which offers short-term finance, auction finance, residential, commercial and buy-to-let mortgages and secured loans, saw its loan book grow by £377.2m in the year to the end of June and currently stands at more than £1.8bn; an increase of 26.5%.

Founded in 1974 by chief executive Henry Moser, Together has also announced that 30% shareholder Equistone is to exit the business.

It said the preferred option is for the the Moser family to increase its majority interest to become the sole shareholder, other than a continued small non-voting shareholding interest held by members of the senior management team.

Mike McTighe, group chairman at Together, said: “These record results affirm the positive position the business is in. Trading has remained strong; both in terms of financial performance and new origination levels, with credit quality remaining robust. We have also made good progress against our strategic priorities in governance, including a number of key senior management appointments, IT and reporting.

“We believe we have a strong competitive advantage and are excited about the future. We are confident about the opportunities in the specialist finance sector and we have the financial capability to support our ambitious growth plans.”