Precise parent company cancels sale plans
Charter Court Financial Services, the parent company of Exact and Precise Mortgages, has cancelled sale plans after bids failed to reach the £400m asking price.
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BC Partners, Varde Partners and Warburg Pincus made bids that fell "substantially short" of the asking price due to concerns about the impact of a possible Brexit, according to Sky News.
Charter Court Financial Services was founded in 2008 and is backed by US investor Elliott Management.
Sources now believe that Elliott will retain ownership of Charter Court and pursue a stock market listing within the next three years.
Charter Court made a profit after tax of £21.4m in 2015 and passed through £2.5 billion of mortgage completions to the end of October.
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