Acquisition

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 £672,000 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 £4,069,000. For the year ended 31 March 2011 it had made a profit after tax of £591,000.

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: [e-mail] / 01904 715 326

www.lslps.co.uk

 

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