Investec has reached an agreement to sell its Irish intermediated mortgage business Start Mortgage Holdings, together with certain other Irish mortgage assets to an affiliate of Lone Star Funds.
The deal is subject to regulatory approval.
This follows Investec’s sale of Kensington Group last week.
The total sale includes Start’s mortgage origination platform, brand, operations, and employees. It also includes all of Start and certain other Irish mortgage-related financial assets and liabilities.
For the year ended 31 March 2014, the assets in question reported a loss before taxation of £21 million, had gross assets of £540 million and approximately 70 employees. Their Investec funding line, which was approximately £270 million as at 31 March 2014, is to be repaid entirely at completion.