Ashcombe Advisers is pleased to announce that it has acted as exclusive financial adviser to Virgin Money in relation to the sale of Church House Trust to entities associated with the Ocean Capital Group for £13,000,000.
Church House Trust is a specialist mortgage and savings bank based in Yeovil, Somerset. The chief operating company of the Ocean Capital Group is Ocean Capital Associates LLP, an FCA regulated lender to UK and European companies.
Jayne-Anne Gadhia, Chief Executive Officer of Virgin Money, commented. “The acquisition of Church House Trust back in 2010 was an important step forwards for Virgin Money, but with our acquisition of Northern Rock plc in 2012 and subsequent IPO, now is the right time for us to sell the business. We thank Ashcombe Advisers for their advice and support in achieving this successful outcome.”
Andreas Wesemann, Partner at Ashcombe Advisers, commented: “We are pleased to have advised Virgin Money throughout this complex transaction and the regulatory approval process with the PRA and the FCA.”