Former estate agent and finance legend Trevor Pothecary is finally hanging up his boots after 10 years at the helm at specialist finance company The Mortgage Lender, Property Soup can reveal.
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 he 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 Managing Director and was subsequently sold to a Property Plc in 1987.
LARGEST MANAGEMENT COMPANY
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).
That company later 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 and which he became Chief Executive.
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.
LYNCHPIN
Throughout the sales processes Pothecary was integral to each transaction acting as a lynchpin for future growth.
He 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.
PASSION
In a note to staff last week, Hugh Meechan, The Mortgage Lender’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.”
SAD TO BE LEAVING
Pothecary told Property 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.
FUTURE SUCCESS
He went on to say: “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.
“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!”
