Tue, 22 Oct 2024 | BUSINESS SALE
Manchester-based professional services company Leonard Curtis has bought Newsource Commercial Finance to beef up its funding and property expertise.
Leonard Curtis is a multi-disciplinary professional services group, employing 300 people in 27 regional offices across the UK and the Channel Islands, specialising in restructuring and insolvency, funding and legal services for SMEs, larger corporates and their advisers.
Newsource Commercial Finance, based in Harrogate and led by joint managing directors Mark Craven and Brian Walters, specialises in working with brokers and their clients on sourcing finance across residential BTL and property portfolios, commercial property investments, property developments, refurbishment loans and bridging funding.
Leonard Curtis said the acquisition marked a key milestone in its strategy to expand its funding and advisory proposition in property.
Gary Cain, head of funding at Leonard Curtis, said: "With a strong reputation for supporting brokers and their clients to secure funding, their approach complements our existing route to market via our national accountant network. They will continue to trade under their own name but will work alongside myself, Becky Owen, and the wider funding and advisory team, complementing the existing property skillset."
In a joint statement Craven and Walters added: “This strategic move is great news for us. We're thrilled to embark on this new chapter, which will allow us to refine our approach with our introducers and clients offering even greater premium service and care. There is significant potential for the business to further develop its market share in the sector.”
Despite some volatility in the property market in recent months parts of the sector such as the UK Bridging Loan market continue to power forward. According to Mintel the value of the bridging loans market is expected to reach £10.9 billion by the end of 2024 with 25% growth expected over the next five years helped by factors such as a boom in house auctions.
The acquisition was supported and advised by Jen Moore, India Lawrenson, Jenny Fell and Taibah Rehman at LC Legal and is the third since Leonard Curtis attracted investment from family investment office Arete Capital Partners in partnership with SVELLA Plc in August 2021.
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