AI Magazine Issue 12 2010

Fourty Five LSL buys Pink Home Loans LSL buys Pink Home Loans “Pink Home Loans is a high quality business that will add significantly to our distribution capability. We fundamentally believe that a company can only survive and be profitable with scale in the current market. With Pink included in the Group, LSL is well positioned to drive value for our shareholders, our broker and lender partners and their customers.” Simon Embley, chief executive of LSL Property Adviser Tax Adviser L SL Property Services has acquired the award winning mortgage distribution company, Advance Mortgage Funding Limited (trading as Pink Home Loans) and its subsidiary business BDS Mortgage Group Limited, (together known as Pink), from Skipton Building Society subject to approval from the FSA. LSL is acquiring the entire share capital in AMF for a purchase price of £1.59 million which LSL is funding from existing banking facilities. The move marks a natural progression for Pink, which is ready to build on its significant market position by entering the next phase of its evolution. For Skipton, the sale marks a continued re-focusing on core customer activities, announced earlier this year. Pink’s new partnership with LSL will create a formidable new force in the intermediary sphere, as one of the largest intermediary networks in the UK focusing on mortgage and protection advice. In this newbusiness and regulatory climate, scale is a vital component in the success of distribution businesses like ours – something Pink has been developing over the past three years with its organic growth and the acquisition of BDS. It is testament to the quality of our appointed representatives and our staff that LSL have acquired the business. This new relationship with LSL further enhances our capability and we are looking forward to the exciting new opportunities it represents. David Copland, managing director of Pink Home Loans This marks the start of an exciting new era for everyone at Pink and the deal signals positive opportunities for both businesses. Our partnership has spanned over a decade and during that time, Pink has become an award winning mortgage distribution company. LSL is the ideal partner to help take Pink to the next stage of its development. David Cutter, Skipton Group chief executive “ “ “ “