LSL Property Services has sold its 49.6% holding in LMS (Legal Marketing Services) to a UK Private Equity firm, for a cash consideration of £12m.
The sale will provide further capital for the Group’s growth strategy, in particular in financial services.
To that end, LSL has already completed two technology acquisitions this year, agreed a financial services distribution agreement with The Property Franchise Group plc and a £200m joint venture with Pollen Street Capital to create a mortgage broker, “Pivotal Growth”.
LSL Property Services is one of the largest providers of services to mortgage intermediaries, specialist mortgage and protection advice to estate agency and new build customers and valuation services to the UK’s biggest mortgage lenders, completing £32.6bn of mortgages in 2020.
It represents approximately 9% of the total purchase and remortgage market with around 2,600 financial advisers. It was named Mortgage Network of the Year by both Moneyfacts and Mortgage Introducer in their 2020 awards.
LSL operates a network of 226 owned and 130 franchised estate agency branches, with brands that include Your Move, Reeds Rains and Marsh & Parsons.