LSL Property Services PLC Sale of Investment (6011E)
July 08 2021 - 7:00AM
UK Regulatory
TIDMLSL
RNS Number : 6011E
LSL Property Services PLC
08 July 2021
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 GBP29.3m 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 GBP2.3m (gross assets of
GBP6.8m). In the 12 months to 31 December 2020, the LSL share of TM
Group profit was GBP1.0m.
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 GBP32.6bn 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
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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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