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Adviser to the Moser family on the refinancing of Together Financial Services.

Adviser to the Moser family on the refinancing of Together Financial Services.


On 2 November 2016, Together, formerly Jerrold Holdings, announced that Equistone and Standard Life had exited their minority investment in the company. All voting rights are now held by a vehicle ultimately controlled by HN Moser and members of his family. £220m of PIK notes were issued as part of the transaction with proceeds used to fund the cash proportion of the exit consideration, payments under the management incentive scheme and the repayment of certain shareholder loans. The cash proceeds to Equistone and Standard Life were £188m with an additional £100m payable as a vendor note giving total exit proceeds of £288m. Equistone and Standard Life invested £115m for their minority stake in September 2006.



Together is a specialist UK mortgage loan provider established in 1974. It focuses on low loan to value retail and commercial purpose mortgage loans, applying a bespoke underwriting approach to niche market segments underserved by mainstream lenders. Its products include secured first and second lien loans, of which approximately 80% are secured by residential properties, with the balance secured by commercial and semi-commercial properties, all within the United Kingdom. Together distributes its products directly and through a network of brokers and other intermediaries. Its loan portfolio was £2bn in December 2016, supported by parent company net assets of £395m. Its net income in the year to June 2016 was £72m, up by 22% from £59m in FY15.



SHP advised the Moser family on the transaction.

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