It initially announced its intention to buy the network on the 19th October 2010 and today received formal approval from the Financial Services Authority to buy Advance Mortgage Funding Limited (trading as Pink Home Loans) and its subsidiary business BDS Mortgage Group Limited.
This latest purchase follows LSL’s deal to buy network Home of Choice, now trading as First Complete, out of administration earlier this year for £1.5 million.
The acquisition of Pink will make LSL one of the largest intermediary networks in the UK focusing on mortgage and protection advice, with 1,300 advisers across its network businesses in Pink and First Complete.
It will also have an arm for advisers who wish to be directly authorised through the Pink Mortgage Club.
Simon Embley, chief executive of LSL Group, said: “Pink’s five star service proposition complements existing LSL Group businesses such as First Complete, Linear Financial Solutions, Reed Rains and Your Move.
“We have a clear strategy designed to improve the proposition that we offer existing advisers throughout LSL financial services division and to attract new advisers to both Pink’s Mortgage Club and its appointed representative network.”
David Copland, chief executive of Pink Home Loans, added: “Today marks the start of an exciting new period for Pink as we celebrate our 20th year in the intermediary market. It is important that we continue to be at the forefront of intermediary distribution and we are now in the best possible position to meet the regulatory changes of the Mortgage Market Review.
“From the work we have already done together, it’s clear that LSL and Pink share the same aspirations and strategic business goals and I look forward to taking advantage of the opportunities that the Group offers. I would also like to thank the Skipton Building Society for their advice and support over the last decade and wish them every success for the future.”
