Pivotal Growth has made its first acquisition of the year by acquiring Watts Commercial Finance, one of the UK’s biggest commercial brokers.
The firm said this represented a “milestone acquisition”, adding that Watts Commercial Finance was a “highly regarded and prestigious broker”.
Cheshire-based Watts Commercial Finance, founded in 2006, specialises in commercial mortgages, bridging finance, commercial buy to let (BTL), property development, company acquisition finance, invoice finance and unsecured business loans.
The company, which was launched by managing director Phil Gray and director Andrew Watts, has seen “significant growth” in recent years and is one of the largest commercial brokers in the UK, Pivotal Growth said.
Gray will join the Pivotal Growth team and stay on as the managing director of Watts Commercial Finance, bringing a “wealth of experience” and established relationships with some of the largest commercial banks in the UK.
Pivotal Growth was launched in 2021 as part of a £200m joint venture between LSL and Pollen Street Capital.
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Since its launch, the company has grown to revenues in excess of £70m with over 800 employees.
This acquisition marks the firm’s 15th acquisition, with recent acquisitions including Charleston Financial Services, John Charcol and Northern Irish firms Select Mortgages and Financial Solutions and Select Brokers.
Simon Embley, CEO of Pivotal Growth, said: “We are incredibly excited to welcome Phil Gray, who is an outstanding business leader in the commercial broking space. He has built a phenomenal business in Watts Commercial Finance, and we are thrilled that we are the chosen partner to support the business as it seeks to continue its very impressive growth journey. I very much look forward to welcoming the staff into the Pivotal family.”
Gray added: “We are delighted to partner with the Pivotal Group for the next exciting chapter in Watts Commercial Finance’s history. As managing director, I’m determined to continue the growth of the business [that] I started 18 years ago, but now with the strength and power of the Pivotal Group alongside us.
“As we approach our third decade of trading, the partnership will allow us to continue to grow from strength to strength, which will bring massive benefit to my team of amazing staff, clients and introducers alike.”
