lloyds brokers

Kensington Group sells sub-prime broker TML

The Kensington Group has sold its specialist mortgage and remortgage provider TML Financial Solutions to Customer Financial Solutions.

The deal follows Kensington's sale of a 拢2 billion loan folder to Bradford & Bingley (BB.) last month and a profit warning earlier this year.

The company had struggled to integrate sub-prime broker TML, also known as The Mortgage Lender, since a 2002 buy-out described by brokers as 鈥榩retty disastrous'.

Kensington shares rose to 579p on the announcement but fell back to 577p by lunchtime. It had earlier said that it was considering options on asset sales.

Customer Financial Solutions has not revealed what it paid for the 200-strong company based in Whiteley, Hampshire, which has annual sales of around 拢400 million.

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