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Time: 0:0

Henry Moser eyes £500m sale

19 November, 2014

By: Robyn Hall

category: Commercial, Residential, Secured

0

Jerrold Holdings chief executive Henry Moser is weighing up selling his share in firm which is valued at over £500m,Sky News reported this morning.

Jerrold, the specialist mortgage lender which trades under brands such as Blemain Finance and Lancashire Mortgage Corporation, is thought to be close to appointing an investment bank in the next few days to examine options for future ownership.

Moser, who owns 70% shareholding in the company which he founded 40 years ago, is believed to be open to the idea of a stock market flotation or outright sale of all or part of his stake in the company.

Jerrold made a profit of roughly £80m last year while its loan book had grown by £72m during the first quarter of its financial year to £1.15bn and its pre-tax profits rose to £15.5m.

The remaining 30% of the shares are held by ex-Barclays private equity firm Equistone, while it is thought that the expiry of its fund has triggered for the decision to start a possible sale process.

In 2012 the Financial Services Authority fined Moser £70,000 for inaccurately charging customers between 2004 and 2009, but this was reduced due to his co-operation with the regulator.

Investment bank Rothschild holds a long-standing relationship with Moser, although it is unclear whether the bank has been formally appointed.

A spokesman for Jerrold Holdings declined to comment.


Tags: Blemain, lending, loan, loans, mortgage, mortgages

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