Marsh & Parsons Update

RNS Number : 9650S

LSL Property Services

23 March 2016

 

For immediate release

23rd March 2016

LSL Property Services plc

("LSL" or the "Company")

Peter Rollings to retire as CEO of Marsh & Parsons

David Brown appointed as new CEO of Marsh & Parsons

Peter Rollings, who currently serves as Marsh & Parsons Chief Executive Officer, has decided to retire from his current role.  Commenting on his decision to retire, Peter Rollings said "Over the course of the last eleven years, I have been fortunate to be CEO of Marsh & Parsons and to grow the business to be one of London's leading estate agencies. The business is very well positioned for further growth and I am delighted to be able to continue to work with the Marsh & Parsons and LSL teams as a brand ambassador for the next two years."

Ian Crabb, Group CEO of LSL said "Peter, since his appointment as CEO of Marsh & Parsons in 2005, has made a substantial contribution to the growth of the business and, since LSL's acquisition of Marsh & Parsons in 2011, Peter has successfully expanded the business, the team and its iconic brand across London, including increasing the number of branches from 13 to 25. On behalf of the LSL Board, I would like to take this opportunity to thank Peter for his substantial contribution to Marsh & Parsons."

LSL is pleased to announce the appointment of David Brown as CEO of Marsh & Parsons with effect from today. David has 32 years' experience in all areas of the property industry and has been with LSL for 24 years. David started and ran LSL's Corporate Services Division between 2008 and 2014. Since 2014, David has run LSLi which comprises 9 estate agency businesses with 58 offices in London and South-East England.

When LSL acquired Marsh & Parsons in 2011 Peter Rollings as a management shareholder was incentivised to stay and continue to grow the business by the investment in Growth Shares and the receipt of a loan note (2011 Loan Note). Marsh & Parsons articles of association includes a put option, which Peter has exercised and which results in the transfer of his Growth Shares to LSL.  The exercise also results in the redemption of the 2011 Loan Note.

In consideration of Peter's retirement and his on-going role as a brand ambassador for the Group, the parties have agreed a variation to the 2011 Loan Note, pursuant to which Peter will receive the total principal amount of the 2011 Loan Note and a reduced rate of interest.  An initial payment of £5,573,981 is being deferred to July 2016 and a final payment of £2 million, consisting of a deferred amount of interest, is payable in March 2018, subject to certain conditions being satisfied.

Peter Rollings is a related party of LSL under the Listing Rules and, as such, the variation of the 2011 loan note is a related party transaction, which falls within the provisions of Listing Rule LR 11.1.10R. 

For further information, please contact:

Ian Crabb, Group Chief Executive Officer
LSL Property Services plc	0207 382 0360
Melanie Cowell ([e-mail])	07968 604660
LSL Press enquiries

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 advice on mortgages and non-investment insurance products. 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

 

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