Pivotal Growth, the joint venture between LSL Property Services and Pollen Street Capital, has acquired Nantwich-based Watts Commercial Finance.

Watts was founded in 2006 by managing director Phil Gray and director Andrew Watts and is now one of the largest commercial brokers in the UK specialising in commercial mortgages, bridging finance, commercial buy-to-let, property development, company acquisition finance, invoice finance and unsecured business loans.

Gray joins the Pivotal Growth team with a wealth of experience and brings with him strong relationships with some of the largest commercial banks in the UK.

Watts will look to leverage Pivotal Growth’s own growth-oriented strategy to expand the business’ footprint across the country in areas it currently does not service.

Pivotal Growth’s acquisition of Watts Commercial Finance is one of the largest investments since its inception in 2021 and has now grown to revenues in excess of £70m with over 800 employees.

Simon Embley (pictured), chief executive officer of Pivotal Growth, says: “We are incredibly excited to welcome Phil Gray, who is an outstanding business leader in the commercial broking space.

“He has built a phenomenal business in Watts Commercial Finance, and we are thrilled that we are the chosen partner to support the business as it seeks to continue its very impressive growth journey. I very much look forward to welcoming the staff into the Pivotal family.”

Gray, managing director of Watts Commercial Finance, adds: “We are delighted to partner with the Pivotal Group for the next exciting chapter in Watts Commercial Finance’s history.

“As managing director, I’m determined to continue the growth of the business which I started 18 years ago, but now with the strength and power of the Pivotal Group alongside us.

“As we approach our third decade of trading the partnership will allow us to continue to grow from strength to strength, which will bring massive benefit to my team of amazing staff, clients and introducers alike.”