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Buy-to-let lender lines up £500m IPO

House-Home-Protection-Mortgage-700.jpgPrecise Mortgages’ parent Charter Court Financial Services is close to announcing a £500m flotation on the London Stock Exchange.

The firm was looking to sell last year, but switched its attention to floating, and Sky News reports this could be announced this week.

Charter Court has hired Royal Bank of Canada, Barclays and EY to help with the flotation.

Charter Court also owns the Exact Mortgage Experts and Charter Savings Bank brands, and is owned in turn by hedge fund Elliott Associates.

A Charter Court spokesman declined to comment.

Charter Court ran an auction last year and called for bids in the £400m range,but the deal fell through.

BC Partners, General Atlantic Partners, a bidding group of Warburg Pincus and Centerbridge, and Varde Partners were reported to be interested in buying Charter Court.

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