LSL Property Services has sold a mortgage brokerage and household insurance firm to its private equity-backed venture Pivotal Growth.
Pivotal Growth has acquired Embrace Financial Services, which specialises in providing mortgage and protection advice to estate agencies, as well as First2Protect, which arranges household insurance for customers of LSL’s estate agency division as well as third party introducers.
Pivotal Growth, established in 2021 as a joint venture between LSL and Pollen Street Capital to buy and build a national mortgage adviser, has now acquired eight businesses, including RSC and Group First, both of which were purchased in January.
Tom Adorian, chief executive of Embrace Financial Services and First2Protect, commented: “Pivotal Growth continues to expand and build its reputation as a leader in the UK mortgage and protection market, with the acquisitions of Embrace Financial Services and First2Protect following the purchase of RSC and Group First in January.”
Simon Embley, chief executive of Pivotal Growth, added: “Building on our momentum into 2023, I am delighted to welcome Embrace and First2Protect into the Pivotal Growth group to expand our proposition into the estate agency market and increase our presence and distribution in the general insurance market.”
LSL are going to run out of things to sell to bolster the bottom line. The estate agency part is under performing, could it be anything to do with the fact they do not have a single estate agent on the board? Estate agency is a difficult business to understand unless you have been doing it at the coal face, bean counters struggle to cope as they can only react to what has happened rather than lead the business with a feel for how the market is going to react to an ever changing landscape. It is hard to explain but you either have that understanding or you do not. LSL appear not to.
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It’s more a restructure and aquisition for LSL owned Pivotal Growth.
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