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Barclays Private Equity takes stake in Jerrold Holdings for £113.5 million

15 Sep. 2006

Barclays Private Equity, the pan-European mid-market private equity house, today acquired a significant minority stake in Jerrold Holdings Limited, a well-established, fast growing secured lender to the residential and commercial sectors for £113.5 million. The investment provides the company with increased capital to help fund its continuing strong growth. The acquisition adds to Barclays Private Equity’s financial services portfolio, (which includes Lending Solutions, Albingia, First Assist and Direct Group), one of its four sector focuses in the UK.  

Founded in 1973 by Henry Moser and Barrie Pollock, and headquartered in Manchester, Jerrold Holdings Limited operates under the brand names of Blemain, Cheshire and Lancashire Mortgage Corporation and Bridging Finance and employs over 220 people. It has a loan book of over £600m. The business has delivered strong year on year growth with the creation of a highly capable management team led by Marc Goldberg (Sales), Gary Beckett (Finance) and Joe Shaoul (Non-executive). A non-executive Chairman is also to be appointed.  

John Walker, Director, Barclays Private Equity, who will also be a non-executive on the board, comments: “Jerrold operates in an attractive niche area of the lending market, offering a diverse and innovative product range and focussing on its service levels and speed in which it can react to the market and customers changing needs; attributes that many lenders do not possess. Future market indicators are positive. The company is forecasting growth higher than the market, which reflects a continuing over-performance, the ability to roll-out its corporate lending beyond the North West and a very sleek, scaleable model.”  

Gary Beckett, Finance Director of Jerrold Holdings Limited, comments: “We chose Barclays Private Equity because of the team’s solid reputation and extensive experience of the secured lending market in the UK. The investment by Barclays Private Equity marks a further successful milestone for the company and is a credit to the dedication of its management team and its loyal personnel. Our partnership with Barclays Private Equity will enable us to significantly outperform market growth, increasing our market share through further innovative product design along with plans for both sector and geographical expansion. These are exciting times for the company and all involved.”

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