John Charcol set for more advisers and product diversity

John Charcol’s` new owners say they will grow the adviser base and diversify and develop the product offering of the high-profile mortgage broker.

The pledge comes from Simon Embley, chief executive of Pivotal Growth, which snapped up John Charcol earlier this month for an undisclosed sum.

Established in 1974, John Charcol calls itself “the original independent mortgage broker” and has some 2150 mortgage and protection advisers. The firm was acquired by Palatine Private Equity in 2015 and then in 2019 John Charcol appointed Waypoint Change to restructure and re-vision the company.

Pivotal Growth is just three years old, a joint venture between LSL Property Services and private equity investors Pollen Street ‘buy and build’ a leading national mortgage broker. LSL has shed much of its estate agency network to individual franchisees while Pivotal Growth has made 11 acquisitions since it was formed.

It’s estimated that the John Charcol acquisition will lift Pivotal's annual revenue to circa £63m with more than 410 advisers and 615 staff.

Pivotal Growth CEO Embley comments: “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.”

Chris Wallis, chief executive of John Charcol, adds: “I look forward to working with Simon and the Pivotal Growth team to build on the growth we have seen in recent times.”