Last checked at 8 Jul 2021 12:00
8 July 2021
LSL Property Services plc ("LSL" or "Group")
Sale of investment in TM Group as LSL targets deployment of capital into high growth areas
LSL announces the sale of its holding of 32.34% in TM Group (UK) Limited ("TM Group"), a provider of property searches and services, to Dye & Durham (UK) Limited. The cash consideration for the disposal of LSL's shares is £29.3m on a cash free debt free basis.
This announcement follows the sale of LSL's investment in LMS announced on 26 May 2021, further simplifying the Group structure, providing additional capital for deployment into opportunities to accelerate the Group's growth strategy, in particular Financial Services.
LSL's carrying value and share of net assets of the TM Group investment as at 31 December 2020 was £2.3m (gross assets of £6.8m). In the 12 months to 31 December 2020, the LSL share of TM Group profit was £1.0m.
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 £32.6bn of mortgages in 2020. It represents approximately 9% of the total purchase and remortgage market with around 2,600 financial advisers. PRIMIS 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 | |
LSL Property Services plc | investorrelations@lslps.co.uk |
Helen Tarbet | |
Sophie Wills | |
Buchanan | 0207 466 5000 / LSL@buchanan.uk.com |