Pivotal Growth has snapped up established mortgage broker John Charcol for an undisclosed fee. 

John Charcol is made up of 150 mortgage and protection advisers, with offices in Southampton and London. The respected business was founded in 1974 and is one of the oldest brokers in the UK. 

Property investment firm Pivotal Growth is a joint venture between listed business LSL Property Services and asset manager Pollen Street. 

The move marks its eleventh acquisition since the venture was formed in 2021. 

Its previous buyout was the undisclosed purchase of Select Mortgage & Financial Solutions and Select Brokers in January. 

Pivotal Growth says the acquisition of John Charcol lifts its annual revenue to around £63m with more than 410 advisers and 615 members of staff. The joint venture says the buyout will be funded from its cash reserves. 

John Charcol was previously owned by Palatine Private Equity, who bought the business in 2015, and four years later appointed turnaround specialist Waypoint Change to oversee the brokerage. 

Pivotal Growth chief executive officer Simon Embley says: “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.” 

John Charcol chief executive Chris Wallis adds: “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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