LSL Property Services PLC Sale of investment (7992Z)
26 Maggio 2021 - 8:00AM
UK Regulatory
TIDMLSL
RNS Number : 7992Z
LSL Property Services PLC
26 May 2021
26 May 2021
LSL Property Services plc ("LSL" or "Group")
Sale of investment in LMS as LSL targets deployment of capital
into high growth areas
LSL announces the sale of its holding of 49.6% in LMS, a
provider of conveyancing panel management services, to a UK Private
Equity firm, for a cash consideration of GBP12m. The sale
simplifies the Group structure, providing further capital for
deployment into opportunities to accelerate the Group's growth
strategy, in particular Financial Services.
The carrying value of the investment at 31 December 2020 was
GBP9.1m. In the 12 months to 31 December 2020, the LSL share of LMS
profit after tax was GBP0.3m.
This announcement follows significant progress developing and
executing a clear Financial Services led growth strategy supported
by a strong and flexible balance sheet, with announcements in 2021
of two technology acquisitions, a major financial services
distribution agreement with The Property Franchise Group plc, a
GBP200m joint venture with Pollen Street Capital to create a major
mortgage broker, "Pivotal Growth" and key senior hires. LSL
reported on 28 April 2021 very strong financial performance in the
first quarter of 2021 and strong trading in April. LSL also
announced the recommencement of guidance with an improved growth
profile and the reinstatement of its dividend policy.
Notes on LSL
LSL is one of the largest providers of services to mortgage
intermediaries, specialist mortgage and protection advice to estate
agency and new build customers and valuation services to the UK's
biggest mortgage lenders, completing GBP32.6bn of mortgages in
2020. It represents approximately 9% of the total purchase and
remortgage market with around 2,600 financial advisers. It was
named Mortgage Network of the Year by both Moneyfacts and Mortgage
Introducer in their 2020 awards, as well as Best Network 300+ ARs
by Mortgage Strategy.
e.surv is one of the UK's largest providers of surveying and
valuation services, supplying seven out of the ten largest lenders
in the UK, employing over 500 operational surveyors, and performing
over 500,000 valuation and surveys per annum for key lender
clients. It was named Best Surveyor/Valuer at the 2020 Mortgage
Strategy awards.
LSL operates a network of 226 owned and 130 franchised estate
agency branches, with brands that include Your Move, Reeds Rains
and Marsh & Parsons. For further information please visit LSL's
website: lslps.co.uk
PRIMIS is the trading style of First Complete Limited, Personal
Touch Financial Services Limited and Advance Mortgage Funding
Limited which are all authorised and regulated by the Financial
Conduct Authority.
For further information, please contact:
David Stewart, Group Chief
Executive Officer
Adam Castleton, Group Chief
Financial Officer
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LSL Property Services plc investorrelations@lslps.co.uk
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Helen Tarbet
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Sophie Wills
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Buchanan 0207 466 5000 / LSL@buchanan.uk.com
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END
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