Private equity firm Corsair Capital is poised to buy up a stake in mortgage broker London & Country (L&C) that will value the broker at £150m.
It is thought Corsair Capital will be snapping-up around 30 per cent of the mortgage broker, which is the largest fee-free brokerage service in the UK. The pair have been in discussions since the autumn, and if Corsair Capital goes through with the deal, its chairman Lord Davies will sit on L&C's board.
Mike Edge, L&C's chairman, owns a majority stake in the mortgage business and will remain a significant shareholder if Corsair Capital commits to the deal.
Bristol-based L&C, which turned over £44.5m last year and made £9.5m in profit, offers free mortgage advice to would-be home owners, buy to let investors and remortgagers. The firm pockets a commission from lenders when it finds them a buyer.
Corsair Capital and L&C declined to comment.