Bluestone Group sells UK mortgage operations to Shawbrook Group

I'm very happy to announce that we agreed terms on Friday for the sale of our UK mortgage business, Bluestone Mortgages (BML), to Shawbrook Group plc. Bluestone Mortgages was established in 2014 with the acquisition and re-branding of Basinghall Finance Limited in a joint venture with Australia’s Macquarie Group. BML quickly became a leading player in the UK’s specialist residential mortgage market, consistently scoring strongly in terms of broker satisfaction, service levels and its contemporary technology stack delivered by sister company, Fignum Ltd.

Under the terms of the transaction, Bluestone’s holding company will sell 100% of the shares of BML and its subsidiaries to Shawbrook in a cash and share transaction. The transaction is subject to regulatory approval. Following completion, which is expected in Q2, 2023, the business will continue to trade under the Bluestone Mortgages brand using Fignum origination and servicing systems, and day to day operations will be led by Steve Seal and the company’s existing management team.

BML has historically funded its originations via platform lending relationships with Shawbrook and other banks, and securitisations under the Genesis shelf. The business has originated over ￡1.8bn since its launch, and currently manages a book of over ￡1.3bn residential loans.

Particular thanks to Andy Cumming, who has Chaired BML's Board since inception, Peter McGuinness, who led the transaction for Bluestone, and the entire BML team for their amazing contribution to a successful sale of the business.

A copy of the press release can be found here.