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LONDON (Alliance News) - LSL Property Services PLC on Friday said it has bought a 65% stake in Group First Ltd for GBP9.1 million in cash.
Half the consideration will paid upfront, with the rest to be paid during 2017, LSL said. The deal also includes put and call options provisions which would allow LSL to acquire the remainder of the business if exercised.
Group First is a mortgage and protection brokerage services provider which runs the Mortgages First Ltd and Insurance First Brokers Ltd businesses.
"This investment supports LSL's strategy to grow long term profitability in the provision of residential property services in the UK, by identifying value enhancing opportunities. Further, the investment strengthens LSL's relationships with its key housebuilder clients," said LSL Chief Executive Ian Crabb.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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