Shawbrook Banking Group acquires specialist lender Bluestone Mortgages
Bluestone Group has agreed a deal with Shawbrook Group to sell its UK mortgage lending and portfolio serving operations for an undisclosed sum.
The cash and share transaction will see Shawbrook acquire 100 per cent of Bluestone shares and subsidiaries, and is expected to complete in Q2 of 2023 following regulatory approval.
Shawbrook Group CEO Marcelino Castrillo said: “We are delighted to have strengthened our long-standing and successful partnership with Bluestone through this acquisition.
“Driven by increasing numbers of people choosing to work for themselves or in sectors where incomes are complex, we anticipate significant long-term growth in the specialist mortgage market.
“With both Bluestone Mortgages and The Mortgage Lender brands combined with Shawbrook’s strong and stable balance sheet, the Group is very well placed to consistently meet this growing demand.”
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Bluestone employs around 90 staff between its offices in London and Sheffield. The company entered the UK’s specialist residential mortgage market in 2014 with its acquisition of Basinghall Finance, a joint venture with the Australian Macquarie Group.
Following the deal with Shawbrook, the existing management team will continue to operate as normal under the Bluestone brand.
Alistair Jeffery, Chairman for the Bluestone Group, said “We are very pleased to have agreed terms for the sale of Bluestone Mortgages to Shawbrook, with whom we’ve had a strong relationship for many years.
“Under Shawbrook’s ownership, we’re confident the business will continue to flourish, delivering strong outcomes to the increasing number of customers that fall outside mainstream criteria.
“Post completion, we look forward to becoming a Shawbrook shareholder and maintaining our relationship with Bluestone Mortgages via our technology business, Fignum.”
