According to information obtained by Sky News, the Chief Executive of Jerrold Holdings, Henry Moser, is said to be examining the future ownership of the specialist mortgage lender, with a stock market floatation or the sale of all or part of his company stake being mentioned. Industry experts estimate that Moser’s stake could be worth around £700 million.
B&C contacted Jerrold Holdings for a response to the rumours, however a spokesperson declined to comment.
Equistone Partners Europe (Equistone) acquired a significant minority stake in Jerrold Holdings in September 2006 for £113.5 million, which provided the company with increased capital to fund its growth plans. Standard Live Investments also gained at minority stake at the same time.
When asking Equistone about whether there was an approaching expiration date to its partnership, which may have influenced the recent ownership decisions, a spokesperson declined to comment.
On Jerrold Holding’s website, however, it stated in 2012, “financing facilities” had been renewed for a further three years, suggesting that some sort of funding expiration could occur in 2015.
Jerrold Holdings completed the transfer of a new funding partner in January earlier this year with Natixis. The investment and financial services arm of Groupe BPCE provided a £128 million facility line to Jerrold’s securitisation vehicle.
B&C announced in mid-September this year that the Jerrold Holding’s profits were up 16 per cent from last year, and its loan book grew to a colossal £1.08 billion.
Jerrold Holdings, which was founded by Henry Moser 40 years ago, trades under industry brands, Blemain Finance, Cheshire Mortgage Corporation, Lancashire Mortgage Corporation and Auction Finance.
Company Check states that Henry Moser recently became a Director of three new Cheshire-based loan firms, Friendly Loans Limited, Buster Loans Limited and My Pal Loans Limited. All three were incorporated in August this year.
More on this as the story unfolds.
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