Private equity firm Corsair Capital is on the verge of buying a 30% stake in London & Country Mortgages, according to reports.

The pair have been in discussions since autumn, while if the deal goes through Corsair chairman Lord Mervyn would sit on L&C’s board.

It’s expected that L&C’s chairman Mike Edge, who owns a majority stake in the business, will remain a significant shareholder even if the deal gets over the line.

L&G has been searching for an investor since autumn ahead of a potential IPO on the next few years.

London & Country declined to comment.