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Purely Mortgages plans expansion as Tchenguiz family trust takes 50% stake

Multi-billion-pound property investment company Triandra has taken a 50 per cent stake in broker Purely Mortgages.

Triandra, an investment vehicle owned by a trust of the powerful Tchenguiz family, has taken the stake in the enlarged share capital of the company for an undisclosed sum.

Purely chief executive Mark Chilton says the new funds will be used to double the size of its business and he will now be looking at new distribution opportunities and the scope for parallel lending. This could include secured and unsecured loans but Chilton stresses that it is too early to confirm plans.

Triandra is owned by Investec Trust Guernsey as trustees for the Tchenguiz family trust and is managed by Consensus Business Group. The Tchenguiz brothers, Robert and Vincent, are best know for Rotch Property Group, with about 800 properties in its portfolio and over 400bn assets under management. The brothers are reported as having introduced Dodi Al Fayed to Princess Diana.

Mortgage Ventures, the original seed investor, retains a 50 per cent interest in Purely.

Chilton says: “This is a fantastic opportunity. We are focusing on crystallising our distribution opportunities and in parallel grow our core base of advisers. We are trying to get oursel- ves to up to double our size over the next six months or so.”

Hamptons International Mortgages managing director Kevin Duffy says: “If Purely penetrates the low or no-fee end of the market in less than five years, it will be a phenomenal achievement but it cannot be done without big advertising expenditure and scale.”

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