Serial entrepreneur and industry legend Trevor Pothecary is hanging up his spurs after 10 years of dedicated service and leadership since founding specialist challenger The Mortgage Lender (TML), Mortgage Soup can reveal.
He has been chief executive and subsequently chairman of the lender since its formation in Q4 2014 and subsequent acquisition by Shawbrook Bank in early 2021 but has now taken the decision to retire.
Pothecary has been an integral part of TML’s journey since day one, helping the start-up establish its first funding line as well as providing hands on experience through the challenging times of both Brexit and Covid.
“Incredible achievement”
In a note to staff last week, Hugh​​​​ Meechan, TML’s chief operating officer, highlighted how under Pothecary’s chairmanship and “through his passion for understanding the real-life situations of our customers” TML had been able to fund homes for thousands of people – whether as homeowners or tenants – through almost £5 billion of lending.
He added: “This incredible achievement is also testament to Trevor’s commitment to our vision, our people and our partners.
WELL-DESERVED
“Trevor has decided to step down as chairman and embark on a very well-deserved retirement. His official retirement date is the 8th of November, and he will be in Glasgow that week. We are in equal measure, sad for us to be losing Trevor, but delighted for him as he embarks on this new chapter.”
He went on to say: “Please join us in celebrating Trevor’s remarkable career, thanking him for his significant contribution and wishing him all the best in his future endeavours. I am sure his wife Maureen already has plans in place, which will include spending time with his family and an ever-growing number of grandchildren.
“Thank you, Trevor, for your service and outstanding leadership. You will be greatly missed.”
Pothecary told Mortgage Soup: “I am sad to be leaving TML after the last 10 years but am delighted to be leaving a highly successful business and am grateful for the commitment and contribution by an amazing team of people throughout the organisation many of whom were with us at Mortgage plc.
“Shawbrook Bank have been a great partner and subsequent parent since the acquisition completed in early 2021 and TML has become a substantial contributor to Shawbrook Bank’s Balance Sheet and profitability so a very beneficial acquisition for both parties.
“I have had an interesting (and long!) career in the property and related finance industries and I would like to thank all of those who have contributed to our successes at The Mortgage Operation, Mortgages plc and The Mortgage Lender over the last 32 years and I wish them all as well as TML and Shawbrook every success for the future and I will be looking on from afar and hopefully on a beach somewhere!”
Career Highlights:Pothecary has had a glittering 48-year career in both property and finance and was formerly a founder and chief executive of Mortgages plc. That company was sold to Japanese-financed Majestic Acquisitions in January 2002 in a deal thought to be worth close to £40 million. Majestic then sold its stake in Mortgages plc to investment bank Merrill Lynch in October 2004. Mortgages plc closed to new business in 2008. Throughout the sales processes Pothecary was integral to each transaction acting as a lynchpin for future growth. Pothecary, who originally harboured dreams of being a commercial pilot, joined Mann & Co in 1976, which became the largest chain of estate agents by the end of the decade. In 1979 Pothecary was one of those responsible for the business beginning to trial offering financial services through its UK network of offices, following the example set in US market. He became the youngest director in Mann and Co in 1981 and left in 1983 to buy his own estate agency business called Windsor, Fareham & Co., subsequently growing the operation to over 20 offices which he merged with Nationwide Estate Agents where he became the MD and was subsequently sold to a Property Plc in 1987. After building the largest residential asset management company in the UK in the early 90s, Pothecary set up The Home Loan Partnership [no relation to the network with the same name operating today] in 1992 with Frank Butler (who sadly passed away last year) which merged with Paul Marks’ Central Mortgage Administration in 2004 to become The Mortgage Operation (TMO) creating which in many people’s eyes was the UK’s first mortgage packager from which Mortgages plc was created in 1997. Pothecary continues as chairman of Global Bridging Plc which he co-founded in 2013 and provides bridging finance for residential properties as well as a number of other property related companies. |
