LSL offloads new build brokerage firms in ‘group si...

Agency brand LSL has announced the sale of its new build mortgage and protection brokerage firms, Group First, which operates under the brands Mortgages First and Insurance First - and RSC New Homes (RSC).

The broker brands have been sold to Pivotal Growth, the joint venture LSL established in 2021 with private equity investors Pollen Street Capital to "buy and build" a leading national mortgage broker.

The sale is in line with LSL’s strategy to simplify the group and focus on developing further its financial services network business.

Both RSC and Group First will continue as appointed representatives of its financial services brand, PRIMIS.

David Stewart, group chief executive for LSL, said: “The transfer of Group First and RSC represents an important step in the execution of our strategy and in the development of Pivotal Growth.

“Financial Services is at the heart of the group’s growth strategy where we have identified significant opportunities to develop LSL’s position as the leading provider of services to independent mortgage brokers.

“Pivotal Growth was established in 2021 to exploit the opportunities we had identified in the direct-to-consumer mortgage broking market, and growth in the new build sector is a strategic focus for Pivotal Growth.”

Simon Embley, chief executive of Pivotal Growth, added: “I am delighted to welcome RSC and Group First into the Pivotal Growth group and to start the year with the strong momentum of two acquisitions.

“Through investment in their people, systems and technology, we plan to organically grow these businesses to further cement our position as a leading player in the new homes market, where we will continue to explore opportunities in the future.”