Acquisition of Home of Choice

RNS Number : 5829L

LSL Property Services

07 May 2010

 



For Immediate Release

7 May 2010

LSL Property Services plc

LSL PROPERTY SERVICES ACQUIRES HOME OF CHOICE

LSL Property Services Plc (the 'Group') is pleased to announce the acquisition of the assets of Home of Choice Limited ('HoC') for a cash consideration of £1.5 million. The business is being acquired from administrators and is not expected to have a material impact on the Group's earnings line in 2010.

HoC is a fast growing multi-tied specialist mortgage network provider to approximately 500 self employed mortgage advisers with extensive financial services expertise and knowledge of the mortgage market. Launched in 2005, HoC offers its network of mortgage advisers a choice of lenders from its mortgage panel, as well as unique added-value services to professional mortgage intermediaries, including class leading software and systems designed for brokers.

In 2009, HoC was named 'Network of the Year' for the second year running by members of the largest independent online community of mortgage and financial intermediaries.    

Commenting on the acquisition, Simon Embley, Chief Executive Officer said:

"HoC is an acknowledged leader in its field. Strategically, this acquisition will strengthen our relationships with key lending clients and increase lending on an aggregated basis to circa £4bn per annum, thereby providing a significant opportunity to leverage our Financial Services assets across the Group."

For further information please contact:

LSL Property Services plc	01904  715324
Simon Embley, Group Chief Executive Officer
Dean Fielding, Group Finance Director
Buchanan Communications	020 7466 5000
Richard Darby, Nicola Cronk, Catherine Breen

Notes to Editors:

LSL Property Services plc is one of the leading residential property services companies in the UK and provides a broad range of services to its clients who are principally mortgage lenders, as well as buyers and sellers of residential properties. For further information, please visit our website: www.lslps.co.uk.

 

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