Franchise Network Update

LSL Property Services PLC

01 June 2023

 

                                                                                                                                                                                1 June 2023

LSL Property Services plc ("LSL" or "Group")

FRANCHISE NETWORK UPDATE

LSL confirms that further to the announcement on 4 May 2023, it has now agreed contracts with the remaining 40 branches to become franchises, of which 37 have now completed and the remaining few are expected to complete during June 2023, following completion of some administrative registrations. Following completion of these agreements, LSL is now one of the largest providers of estate agency franchise services in the UK, supplying services to a network of just over 300 branches.

One of the new franchisees, Greg Young, is a former LSL subsidiary director. In return for Greg Young entering a franchise agreement with LSL, the Group will receive a long-term royalties based agreement and a de minimis consideration for the assets transferred. The franchise agreement is a smaller related party transaction which falls within the provision of Listing Rule 11.1.10R.

David Stewart, Group Chief Executive, commented:

"I'm pleased to confirm completion of our programme to franchise our estate agency network. The new franchisees are experienced estate agents and I am sure they will ensure these branches go from strength to strength. I wish them every success."

For further information, please contact:

David Stewart, Group CEO Adam Castleton, Group CFO
LSL Property Services plc	[e-mail]
Helen Tarbet Simon Compton George Beale
Buchanan	0207 466 5000  [e-mail]

Notes on LSL

LSL is one of the largest providers of services to mortgage intermediaries and estate agent franchisees.

Its c.2,900 advisors represent around 10% of the total purchase and remortgage market. PRIMIS was named Best Network, 300+ appointed representatives at the 2022 Mortgage Strategy Awards.

Its 62 estate agency franchisees operate a network of just over 300 branches.

LSL is also one of the UK's largest providers of surveying and valuation services, supplying seven out of the ten largest lenders in the UK. e.surv was named Best Surveying Firm at the 2022 Mortgage Finance Gazette Awards.

For further information please visit LSL's website: lslps.co.uk 

 

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