Fast-growing mortgage firm consolidator Pivotal Growth has acquired Chester-based mortgage and protection broker Proper Advice for an undisclosed amount.
It is the 27th acquisition by Pivotal, which was set up in 2021 by LSL Property Services plc and venture capital group Pollen Street Capital.
Proper Advice was founded in 2018 by managing director Michael Kallaras, who will stay on with the firm.
He said: “We've built Proper Advice by being obsessed with our clients and investing in our people and systems – something Pivotal understood and appreciated from the outset.”
He said the deal will give the business the scale to invest further in technology and processes.
Mayank Prakash, group chief executive officer of Pivotal praised Proper’s “entrepreneurial drive and curiosity about how technology can improve the mortgage journey.”
Pivotal was launched in 2021 to consolidate and build on the success of mortgage brokerages in mainstream vanilla markets and complex niche markets. The last few years have seen 27 firms join the group, which now has a combined annual turnover of more than £115m, according to its website.
Its businesses offer residential vanilla advice, new build broking, complex buy to let, second charge, bridging loans, development finance, life insurance and buildings insurance.
In August it bought 30-year-old Wigan-based mortgage and protection adviser LR Finance, while in May it snapped up Purely Financial Planning Limited and KMC Financial Ltd , two mortgage and protection brokerages operating across the south east of England.
In February it completed the acquisition of mortgage advisory firms CLS Money and entered into a further agreement to acquire Simply Lending Solutions.