LSL swoops for Skipton subsidiary
ESTATE agency and surveying group LSL is to buy a mortgage subsidiary of Skipton Building Society for £1.59m.
The group will acquire the mortgage distribution company Advance Mortgage Funding Limited, trading as Pink Home Loans (AMF) and its subsidiary business BDS Mortgage Group Limited (BDS) from Skipton Holdings Group.
Completion of the acquisition is expected later this month, subject to FSA approval.
For the year ended December 2009, AMF made a loss from operations of £1.8m and BDS made a loss from operations of £1.7m.
Proforma unaudited loss from operations for the eight months to the end of August for AMF was £278,000 and for BDS it was £256,000.
At the end of December last year, the gross assets of AMF were £4.4m and BDS were £1.1m.
AMF operates as a mortgage and insurance distribution company providing products and services to financial intermediaries, while BDS operates as a mortgage and insurance network and packager.
LSL said it will use the acquisition to build on its market position to create one of the largest intermediary networks in the UK focusing on mortgage and protection advice.
LSL, the company behind brands including Your Move and Reeds Rains, said that the acquisition further strengthens its relationship with its key lender clients.
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