Financial services group ‘to launch £500m float plans’ this week

Financial services group Charter Court is expected to formally launch its plans to float on the stock market this week.

The flotation, which would value the Wolverhampton-based company at around £500m, comes 16 months after a sales process was halted because hedge fund owner Elliott Associates thought the bids were too low.

Buyout firms BC Partners, Varde Partners and Warburg Pincus had tabled bids, which were reported at the time to be around £50m below the asking price of £400m. Nervousness in advance of a possible “Out” vote in the referendum was blamed.

However Elliott Associates believes the time is now right for it to list the business on the London stock market.

Charter Court Financial Services is a buy-to-let mortgage lender headquartered at Wolverhampton Business Park, where it employs around 350 people.

It was established in 2008 and owns the Exact and Precise Mortgage brands.