REG - LSL Property Svcs. - Sale of Marsh & Parsons (Holdings)

LSL Property ServicesAnnouncement

26/01/2023 07:00

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RNS Number : 9490N  LSL Property Services PLC  26 January 2023

 
26 January 2023

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

 

LSL completes further step in execution of strategy to simplify the Group

 

LSL announces the sale of its London Estate Agent Marsh & Parsons
(Holdings) and its subsidiaries ("Marsh & Parsons") to a subsidiary of
Dexters London Limited. The consideration is £29m on a cash free debt free
basis, payable in cash at completion, subject to normal working capital
adjustments.

For the 2021 financial year, the value of Marsh & Parsons gross assets was
£28m and profit for the year was £1.8m, and the impact of this disposal
will, therefore, not be material to the Group.

The proceeds will augment existing cash balances which will be used to support
LSL's growth strategy, and in particular opportunities in Financial Services.
The LSL Board is carefully considering investment and shareholder distribution
options available to it given the level of cash in the business and will
provide an update in due course.

David Stewart, Chief Executive, commented:

"Marsh & Parsons trades only in Prime and Outer Prime Central London and
is operated autonomously from other parts of our Estate Agency business. This
disposal helps to further simplify the Group structure to allow us to focus on
maximising our core opportunities, particularly in our Financial Services
Network business, whilst also reducing exposure to the more volatile London
housing market.

"Following this disposal, we remain committed to developing the remaining LSL
Estate Agency brands, where there is greater synergy with the rest of the
Group, and opportunities for growth."

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
mortgage and protection advice to estate agency customers,
completing around £41bn of mortgages in 2021. It represents around 10% of
the total purchase and re-mortgage market with around 2,900 financial
advisers. PRIMIS was named Best Network by Money Marketing in their 2021
awards and Best Network, 300+ appointed representatives at the 2022 Mortgage
Strategy Awards.

LSL is one of the UK's largest providers of surveying and valuation
services, supplying seven out of the ten largest lenders in the UK,
employing around 500 operational surveyors, and performing over 500,000
valuations and surveys per annum for key lender clients. It was named Best
Surveying Firm at the 2022 Mortgage Finance Gazette Awards and Best Surveyor
at the 2022 Equity Release Awards with Mortgage Solutions.

LSL also operates a network of 225 owned and 128 franchised estate agency
branches.

 For further information please visit LSL's website: lslps.co.uk
(http://www.lslps.co.uk/)

 

 

 

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