Acquisition (5978K)
July 18 2011 - 11:07AM
UK Regulatory
TIDMLSL
RNS Number : 5978K
LSL Property Services
18 July 2011
Completion of Acquisition
LSL Property Services plc (LSL) and Connells Limited (Connells)
have today acquired an interest in Legal Marketing Services Limited
(LMS) and LMS Direct Conveyancing Limited (LMS DC) through an
investment in Cybele Solutions Holdings Limited (the ultimate
parent company of LMS and LMS DC (LMS Group)). This is an equal
share joint venture between LSL, Connells and the existing members
of the management team of the LMS Group.
The LMS Group operates a conveyancing and remortgage panel
management business mainly for lender clients and also provides
conveyancing services.
The consideration payable by LSL for its 33.33% share is
GBP672,000 which LSL is funding from existing banking facilities.
The agreement includes options that, if exercised, would enable
both LSL and Connells to increase their investment in the future
from 33.33% to 50% each.
As at 31 March 2011 the gross assets of the LMS Group amounted
to GBP4,069,000. For the year ended 31 March 2011 it had made a
profit after tax of GBP591,000.
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 lender
clients.
For further information, please contact:
Simon Embley, Group Chief Executive Officer
Steve Cooke, Group Finance Director
LSL Property Services plc 0203 215 1015
Press enquiries to: Melanie.Cowell@lslps.co.uk / 01904 715
326
www.lslps.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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