LSL Property Services PLC Sale of Marsh & Parsons (Holdings) (9490N)
January 26 2023 - 2:00AM
UK Regulatory
TIDMLSL
RNS Number : 9490N
LSL Property Services PLC
26 January 2023
26 January 2023
LSL Property Services plc ("LSL" or "Group")
LSL completes further step in execution of strategy to simplify
the Group
LSL announces the sale of its London Estate Agent Marsh &
Parsons (Holdings) and its subsidiaries ("Marsh & Parsons") to
a subsidiary of Dexters London Limited. The consideration is GBP29m
on a cash free debt free basis, payable in cash at completion,
subject to normal working capital adjustments.
For the 2021 financial year, the value of Marsh & Parsons
gross assets was GBP28m and profit for the year was GBP1.8m, and
the impact of this disposal will, therefore, not be material to the
Group.
The proceeds will augment existing cash balances which will be
used to support LSL's growth strategy, and in particular
opportunities in Financial Services. The LSL Board is carefully
considering investment and shareholder distribution options
available to it given the level of cash in the business and will
provide an update in due course.
David Stewart, Chief Executive, commented:
"Marsh & Parsons trades only in Prime and Outer Prime
Central London and is operated autonomously from other parts of our
Estate Agency business. This disposal helps to further simplify the
Group structure to allow us to focus on maximising our core
opportunities, particularly in our Financial Services Network
business, whilst also reducing exposure to the more volatile London
housing market.
"Following this disposal, we remain committed to developing the
remaining LSL Estate Agency brands, where there is greater synergy
with the rest of the Group, and opportunities for growth."
For further information, please contact:
David Stewart, Group CEO
Adam Castleton, Group CFO
LSL Property Services plc investorrelations@lslps.co.uk
Helen Tarbet
Simon Compton
George Beale
Buchanan 0207 466 5000 LSL@buchanan.uk.com
Notes on LSL
LSL is one of the largest providers of services to mortgage
intermediaries and mortgage and protection advice to estate agency
customers, completing around GBP41bn of mortgages in 2021. It
represents around 10% of the total purchase and re-mortgage market
with around 2,900 financial advisers. PRIMIS was named Best Network
by Money Marketing in their 2021 awards and Best Network, 300+
appointed representatives at the 2022 Mortgage Strategy Awards.
LSL 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 around 500 operational surveyors, and
performing over 500,000 valuations and surveys per annum for key
lender clients. It was named Best Surveying Firm at the 2022
Mortgage Finance Gazette Awards and Best Surveyor at the 2022
Equity Release Awards with Mortgage Solutions.
LSL also operates a network of 225 owned and 128 franchised
estate agency branches.
For further information please visit LSL's website:
lslps.co.uk
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END
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