L&C plots £300m flotation or sale

Ryan Fowler

June 21, 2016

london stock exchange

London and Country Mortgages is planning a sale or stock market flotation with a valuation of £300m, according to reports in The Times.

The firm, which is the biggest brokerage in the UK, has appointed Fenchurch to run a twin-track sale and decide whether the broker should be sold to a trade buyer or lined up for a stock market flotation that would value it at up to £300m.

And it is understood that London and Country is likely to be offered to banks, rival brokers, comparison websites and independent financial advisers as part of that process.

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L&C is 70% owned by chairman Michael Edge, who spun the mortgage broker out of Chase de Vere Investments.

A spokesperson for London & Country said: “L&C confirms that, following receipt of certain expressions of interest, it has appointed Fenchurch to advise on a range of strategic options for the business including a potential sale or initial public offering.

“There is no certainty that this review will lead to a transaction and L&C will also consider the benefits of continued growth of the business under its current ownership.”