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(Alliance News) - LSL Property Services PLC on Friday said its joint venture Pivotal Growth Ltd has completed the acquisition of Grange Mortgage & Protection Services Ltd.
The Newcastle-based estate agency said Grange is Pivotal Growth's second acquisition, since the purchase of mortgage broker Lifetime Finance Group Ltd in December.
The price of the acquisition was not disclosed.
The business is currently also in active discussion with a number of other brokers it potentially wants to buy, LSL noted.
Grange Mortgage & Protection Services is a Northampton-based mortgage and insurance brokerage.
Pivotal Growth, on the other hand, is a London-based, UK wide mortgage broker. It was formed in April as a joint venture between LSL Property Services and London-based investment management firm Pollen Street Capital Ltd.
Both companies have a 48% equity stake and provide loans to the business.
Shares in LSL Property Services were down 2.0% at 390.00 pence each on Friday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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