JC Flowers sells 8% stake in OneSavings for £75m

The sell-down saw the GP divest 20 million shares valued at 375 pence apiece, following which the vendor's remaining stake has become subject to a 90-day lock-up period.

The divestment comes six months after JC Flowers sold a 10% stake in the bank for approximately £96m and four months after it sold a further 10% stake for approximately £110m.

OneSavings listed on the London stock exchange with a market cap of £413m in June 2014. Prior to the flotation, JC Flowers owned 90% of the group. The following May, the firm sold down a 6.5% stake, leaving it with a 50.1% stake in the company.

Citi and Credit Suisse acted as joint global coordinators and joint bookrunners on the latest placement, while Rothschild acted as sole financial adviser to JC Flowers.

Previous funding
JC Flowers first invested in OneSavings by acquiring a 49% stake in Kent Reliance Building Society (KRBS) for £50m in July 2010. It launched the OneSavings platform in February 2011 and has since added the InterBay Commercial, Prestige Finance, Jersey Home Loans, Guernsey Home Loans, Reliance Property Loans, OSB India and Heritable Development Finance brands.

Company
Founded in 2011 following the recapitalisation of KRBS and headquartered in Chatham, Kent, OneSavings is a specialist lender and retail savings business. It offers residential, buy-to-let and commercial mortgages, secured loans and development finance. The business generated a pre-tax profit of £137m in 2016.

People
OneSavings Bank – Andy Golding (CEO).

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• Topics
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• UK / Ireland
• Financials
• United Kingdom
• Partial sale
• JC Flowers