Case Studies

Starling Bank has agreed to acquire Fleet for cash and equity, valuing the business at £50 million,

Fleet Mortgages

We are delighted to confirm a substantial exit for West Hill investors in the highly respected buy-to-let mortgage platform business, Fleet Mortgages. Starling Bank has agreed to acquire Fleet for cash and equity, valuing the business at £50 million, providing in due course a substantial double digit return for shareholders.

PIMCO previously invested in Fleet Mortgages at effectively 3.3x West Hill introduced investors total subscription and c27x the value of the ordinary equity subscribed.

Fleet Mortgages was established in 2014 to originate, sell and service unregulated 1st charge buy-to-let mortgage loans primarily to professional and semi-professional landlord on properties in the UK.

The Business is led by a highly experienced team that was well known to West Hill, with an impressive credit record having successfully managed a prior lending business in the sector.

Capital was subscribed on a 50/50 basis alongside Management and Andrew Galloway of West Hill personally invested in the Business and joined the Board of the Company

At £50m returns for West Hill investors will be 12.5x assuming no future growth in the value of Starling shares once issued but multiples could in due course be significantly higher on moderately conservative assumptions of future share price growth

 

  • Capital Raising £4m in a mix of fixed rate Preference Capital and Ordinary Equity
  • Investors HNWI, principals of West Hill, Executive and Non-executive management, PIMCO.
  • Exit Starling Bank subsequently agreed to acquire Fleet for cash and equity, valuing the business at £50million