Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Pivotal Acquires LR Finance in Strategic Move
Pivotal has completed the acquisition of LR Finance, a company based in Wigan and founded in 1996. LR Finance is led by managing director Elanor Hill and is supported by a long-standing adviser and administration team.
LR Finance provides advice across mortgages, protection, and buildings and contents insurance. The acquisition continues Pivotal’s series of purchases as the group pursues its buy-and-build strategy.
According to the report, Elanor Hill will continue to lead the LR Finance team following the acquisition. The deal is intended to provide LR Finance’s advisers and clients with access to greater scale and support, while maintaining the company’s personal service and local relationships.
Pivotal’s group chief executive, Mayank Prakash, stated that LR Finance fits the group’s growth strategy and aligns with Pivotal’s core values. The addition of LR Finance is expected to strengthen Pivotal’s national presence.
For UK letting agents and inventory clerks, the acquisition highlights ongoing consolidation in the mortgage and insurance advice sector, which may impact the range of services and support available to property professionals.
Source: Mortgage Strategy