MD on how the business will bring new initiatives to market
The managing director of newly acquired mortgage and protection broker John Charcol has declared its expansion will enable its team ‘to flourish’.
Chris Wallis (pictured) said the business is also looking forward to bringing exciting new initiatives to the market.
Pivotal Growth announced last week that, following the Financial Conduct Authority’s approval, it had acquired John Charcol, which has offices in London and Southampton, and manages over 150 mortgage and protection advisers.
Palantine Private Equity previously acquired the business in 2015, and in 2019 appointed Waypoint Change Limited. Together they transformed it by growing its adviser base and profits, and introducing technology-led initiatives to improve customer experience.
“It’s been no secret in the market that John Charcol has been seeking a new owner for the business,” Wallis told Mortgage Introducer. “Palatine has been a great partner for John Charcol, helping us to grow the business through some challenging times for the mortgage industry.
“This was the right time for us to join forces with Pivotal Growth as we look to enhance our client proposition. The next stage in our growth journey will provide our staff the opportunity to flourish by being part of a fast growing and supportive business, which has such an exciting future.”
How will customers be affected by the acquisition of John Charcol?
Wallis, who has been MD for two years, said: “We will continue to offer our customers the best quality advice and service backed by Pivotal Growth, which is committed to supporting the business in the next chapter.
“Pivotal Growth has a track record of investing in growing and profitable mortgage businesses. It is fully committed to supporting our plan to grow our adviser base and diversify and develop our product offering, where there is significant growth potential.”
John Charcol was established in 1974, as one of the first mortgage brokers in the UK - and Wallis indicated that it will stay true to its heritage.
“The business will continue to trade under the John Charcol brand,” he confirmed. “Our customers will continue to benefit from the same excellent service and advice. At the same time we will support and invest in our staff in order to maintain those high standards.”
What immediate or long-term differences did Wallis think the mortgage industry, particularly brokers, might see following this sale?
“We will be working on the details of our plan over the coming months and look forward to explaining some exciting new initiatives to the market in due course,” he commented.
Read next: Pivotal Growth snaps up two Northern Ireland-based firms
What does John Charcol offer?
John Charcol advises borrowers across the age spectrum, from first-time buyers to those in later life lending, as well as placing buy-to-let and commercial mortgages. It also handles more complex mortgage cases, collaborating with specialist lenders on tailor-made loans.
It places about £2.3 billion of mortgages for 7,700 customers each year, working with providers such as major high street lenders, private banks and building societies.
The acquisition is Pivotal Growth’s eleventh since its inception in 2011, and follows its recent acquisitions of Select Mortgage & Financial Solutions and Select Brokers earlier this year. It now has 410 advisers within its group.
Simon Embley, chief executive officer of Pivotal Growth, last week described John Charcol as “iconic” and said under its stewardship it would diversify and develop its product offering.
