3i pumps £35 million into UK financial services outsourcer
05 July 2002 | 2802 views | 0
Partners for Finance (PfF), a specialist provider of outsourced services to the UK financial services sector, has announced a £35 million funding package with venture capital firm 3i.
PfF, which was established 12 months ago with funding from 3i, is building a broad set of specialist outsourced administration, processing and product manufacture services for the financial services sector. It is led by Alastair Lyons, a former CEO of both the National & Provincial Building Society and the pensions specialist NPI.
He says the new funding will be used for the acquisition of Chester-based Legal Marketing Services (LMS) and to provide start-up finance for the establishment of In Retirment Services, a company which aims to develop a suite of white label equity release products.
LMS, which currently has a turnover of £30 million, manages a network of around 300 high street solicitors to provide outsourced remortgage and conveyancing legal services to lenders and estate agents.
IRS has been set up to provide equity release products to those financial services players actively considering entering a market where four million households aged over 65 have an estimated £400 billion worth of equity in their homes.
Peter Gordon, head of 3i’s financial services sector says: "Investing in both LMS and IRS marks a significant launch for the company (PfF) which will now go on to pursue further acquisitions."