REG - LSL Property Svcs. - Franchise Network Update

LSL Property ServicesAnnouncement

01/06/2023 07:00

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RNS Number : 2575B  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   investorrelations@lslps.co.uk (mailto:investorrelations@lslps.co.uk)
 Helen Tarbet

 Simon Compton

 George Beale
 Buchanan                    0207 466 5000  LSL@buchanan.uk.com (mailto:LSL@buchanan.uk.com)

 

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
(http://www.lslps.co.uk/)

 

 

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