Pivotal Growth has acquired mortgage and protection broker John Charcol Group for an undisclosed sum.
The transaction has been approved by the Financial Conduct Authority (FCA) in respect of a change in control.
Launched in 1974, John Charcol has offices in London and Southampton and manages more than 150 mortgage and protection advisers.
In 2015, Palatine Private Equity acquired John Charcol and in 2019 appointed Waypoint Change who have grown the adviser base and introduced technology-led initiatives to improve the customer experience.
This latest purchase is the eleventh acquisition made by Pivotal Growth since its inception in 2021. It follows on from their most recent acquisitions of Select Mortgage & Financial Solutions and Select Brokers in early 2024.
The acquisition, funded with Pivotal Growth’s excess cash, increases total group annualised revenues to around £63m with more than 410 advisers and 615 staff members.
Simon Embley, CEO of Pivotal Growth, said: “I am absolutely delighted to welcome such an iconic brand to Pivotal Growth.
“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, managing director and CEO of John Charcol, added: “This transaction is great news for John Charcol. I look forward to working with Simon and the Pivotal Growth team to build on the growth we have seen in recent times.”