LSL in the Pink after £1.59m buy

ESTATE agency group LSL Property Services is buying a loss-making mortgage distribution company from Skipton Building Society for £1.59m.
By The Newsroom
Published 19th Oct 2010, 21:59 BST
Updated 19th Oct 2010, 21:59 BST

The York-based group said it is buying Advance Mortgage Funding (AMF) – which trades as Pink Home Loans – and its subsidiary BDS Mortgage Group "to create a formidable new force in the intermediary sphere".

Multiple award-winning Pink was bought by the Skipton in 2000, but it is selling it to refocus on its core lending business.

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LSL chief executive Simon Embley said: "Pink Home Loans is a high-quality business that will add significantly to our distribution capability.

"We fundamentally believe that a company can only survive and be profitable with scale in the current market."

Skipton chief executive David Cutter said: "This marks the start of an exciting new era for everyone at Pink and the deal signals positive opportunities for both businesses."

In 2009 AMF made 1.8m operating losses and BDS made 1.7m losses. The deal is subject to approval from the Financial Services Authority.

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