SMG sells Pink Pig Loans back to management team
Specialist finance packaging group Specialist Mortgage Group (SMG) has sold group firm Pink Pig Loans back to its management team.
After four years within SMG, 100% of the shares in the Penarth-based specialist packager have now been acquired by Pink Pig Loans’ managing director James Rainbird, for an undisclosed amount.
Cardiff-based Specialist Mortgage Group, previously known as Y3S Group, includes the packager businesses Y3S Loans, Y3S Bridging & Commercial, Y3S Private Clients, B2B Financial, and Chaseblue Loans.
Established in 2006, 50% of Pink Pig Loans was acquired by Specialist Mortgage Group in 2016 with all outstanding shares bought in 2017.
Rainbird said: “This deal is another notable event in the Pink Pig journey which started back in 2006. I am very excited about what lies ahead, and we venture into the future with confidence that this business is in great shape with a fantastic team of people who are totally committed to delivering an outstanding service to our clients, lenders and brokers.
“We take a lot from our time as a part of SMG and wish our friends there all the best for the future.”
Barney Drake, CEO of SMG, said: “After four years within SMG, James and his team have put forward an offer that makes perfect sense for both parties and today we can announce 100% of Pink Pig Loans’ shares have now been acquired by James.
“It has been an absolute pleasure to have worked with James during a period when we have seen Pink Pig’s growth accelerate through significant investment in office and IT infrastructure, giving us the ability to increase turnover, double headcount at the business, and expand both the introducer network and the firm’s market share.
“We want to thank James and everyone at Pink Pig Loans for the significant contribution they have made to SMG and to wish them the very best of luck with everything they do in the future.”