LSL Property Services Acquisition of Personal Touch Financial Services (4023D)
January 31 2018 - 2:00AM
UK Regulatory
TIDMLSL
RNS Number : 4023D
LSL Property Services
31 January 2018
For Immediate Release 31 January 2018
LSL Property Services plc ("LSL")
Acquisition of Personal Touch Financial Services
LSL Property Services plc (LSL) has acquired the entire issued
share capital of Personal Touch Financial Services Limited (PTFS)
and its subsidiary company, Personal Touch Administration Services
Limited (PTAS) from Personal Touch Holdings Limited. PTFS is a
financial services business specialising in the provision of
mortgage and other financial services products via its network of
intermediaries.
The consideration for the acquisition is GBP4.8m plus an
acquired intercompany debt of GBP0.6m and is made up of a payment
of GBP2.8m which is due on completion and a further payment of
GBP2.0m which is deferred for 12 months. The acquisition is being
funded from LSL's existing banking facilities.
PTFS is authorised by the Financial Conduct Authority as a
principal firm, with 200 appointed representative firms and 474
advisers. In 2017, the PTFS network of advisers arranged GBP5.1bn
of mortgages. PTAS owns and operates the Toolbox software system,
which is the operating system used by all PTFS appointed
representatives.
The acquisition provides LSL with additional scale and market
share in financial services, complementing LSL's existing
businesses and further strengthening LSL's position as a leading
distributor of mortgage and non-investment insurance products. The
acquisition further strengthens the resilience and diversification
of LSL's business model as the Group benefits from the provision of
increased mortgage and non-investment insurance volumes by
intermediaries outside LSL's core Estate Agency businesses.
PTFS and PTAS, reported aggregate losses before tax of GBP0.1m
for the year ended 31(st) December 2016, at which date they had
aggregate gross assets of GBP20.3m.
Ian Crabb, Group Chief Executive of LSL, said:
"This acquisition supports LSL's stated strategy of enhancing
its position as a leading mortgage distributor and growing
long-term profitability in the provision of residential property
services in the UK by identifying value enhancing opportunities.
LSL has deep sector expertise in the provision of financial
services and PTFS is an excellent fit with our existing financial
services businesses."
For further information, please contact:
Ian Crabb, Group Chief Executive
Officer
Adam Castleton, Group Chief
Financial Officer
LSL Property Services plc 0207 382 0360
David Rydell
Richard Darby
Gemma Mostyn-Owen
Buchanan 0207 466 5000
Notes on LSL:
LSL is a leading provider of residential property services to
its key customer groups. Services to consumers include: residential
sales, lettings, surveying, conveyancing and mortgage, pure
protection and general insurance brokerage services. Services to
mortgage lenders include: valuations and panel management services,
asset management and property management services. For further
information, please visit LSL's website: www.lslps.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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