REG - Property FranchiseGp - Strategic investment in Meridian

Property FranchiseAnnouncement

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RNS Number : 5617C  Property Franchise Group PLC (The)  30 April 2026

30 April 2026

 

THE PROPERTY FRANCHISE GROUP PLC

("TPFG", the "Company" or the "Group")

 

Strategic investment in Meridian, parent of Legal & General Surveying
Services Limited

Complementary platform investment, extending reach across the mortgage value
chain

 

The Property Franchise Group PLC (AIM: TPFG), the UK's largest multi-brand
property franchisor, is pleased to announce that it has completed the
acquisition of a 25% equity interest in Meridian HoldCo Limited ("Meridian"),
the parent of Legal & General Surveying Services Limited ("LGSS"), a
leading UK residential property surveying business, for a total cash
consideration of £2.5 million (the "Investment").

The Investment is consistent with the Group's acquisition strategy, which
targets four areas: (i) the acquisition of property franchisors; (ii)
financial services acquisitions that broaden the Group's adviser network;
(iii) complementary businesses that develop and extend the TPFG platform; and
(iv) the acquisition of lettings books which are then transitioned into the
Group's owned offices. The Investment in Meridian falls within the third
pillar of this strategy, extending the TPFG platform into residential
surveying, a natural adjacency to the Group's core franchise and financial
services activities.

 

LGSS is a long-established UK residential surveying business, providing
valuation, panel management, survey and assisted AVM* services to a
diversified portfolio of bank, building society and specialist lender clients.
LGSS is owned by Meridian, which was formed in 2025 as the acquisition vehicle
through which LGSS was carved out of Legal & General Group plc in November
2025.

 

For the year ended 31 December 2024, LGSS generated revenue of £43.68 million
and a profit before tax of £0.04 million. Since acquisition, LGSS has
delivered a material improvement in trading performance.

 

The Investment is for a total cash consideration of £2.5 million, paid on
completion and funded from the Group's existing cash resources.

 

Based on LGSS's current trading, the Investment is expected to make a modest
contribution to the Group's earnings in FY26, reflecting part-year ownership,
and to be earnings enhancing on a full-year basis thereafter.

 

Gareth Samples, Chief Executive Officer of TPFG, commented: "We are delighted
to have taken a strategic minority stake in Meridian, the owner of Legal and
General Surveying Services, a business with deep heritage, strong lender
relationships and a clear runway for growth following its recent separation
from Legal & General. Residential surveying is a natural adjacency to our
franchise and financial services divisions, and this investment further
strengthens TPFG's participation in the mortgage value chain while maintaining
our strong balance sheet position. We look forward to working with MD, Richard
Sexton and the Meridian team and will continue to pursue complementary
acquisition opportunities that strengthen the platform and generate accretive
returns for shareholders."

 

Richard Sexton, Managing Director of LGSS, added: "TPFG is a natural strategic
partner for LGSS. Their reach across the UK residential property market,
combined with their established mortgage distribution networks, is highly
complementary to the services we provide to our lender clients. This
investment provides additional firepower for our growth."

 

 

Ben Dodds, CFO discusses the Strategic Investment in the following video:

 

 

This announcement contains inside information for the purposes of article 7 of
the UK Market Abuse Regulation. With the publication of this announcement,
this information is now considered to be in the public domain. The person
responsible for arranging the release of this announcement on behalf of the
Company is Ben Dodds, Chief Financial Officer.

*AVM services are Automated Valuation Models used to estimate a property's
value and rental income without needing a physical appraisal.

 

For further information, please contact:

 

 The Property Franchise Group PLC                                   01202 405 549

 Gareth Samples, Chief Executive Officer                            company.secretary@propertyfranchise.co.uk

                                                                  (mailto:company.secretary@propertyfranchise.co.uk)
 Ben Dodds, Chief Financial Officer

 Canaccord Genuity Limited (Nominated Adviser & Joint Broker)       020 7523 8000

 Max Hartley / Harry Rees

 Berenberg (Joint Broker)                                           020 7496 3000

 Harry Nicholas / Michael Burke / James Thompson

 Alma Strategic Communications                                      020 3405 0209

 Justine James / Emma Thompson / Kinvara Verdon                     propertyfranchise@almastrategic.com
                                                                    (mailto:propertyfranchise@almastrategic.com)

 

About The Property Franchise Group PLC

 

The Property Franchise Group PLC (AIM: TPFG) is the UK's largest multi-brand
property franchisor, with a network of over 1,900 outlets delivering high
quality services to residential clients, combined with an established
Financial Services business.

 

The Company was founded in 1986 and has since strategically grown to a diverse
portfolio of 18 brands operating throughout the UK, comprising longstanding
high-street focused brands and two hybrid brands. The Property Franchise Group
is also a member of two leading mortgage networks through its mortgage
brokers, Brook Financial (MAB) and The Mortgage Genie (Primis).

 

TPFG's brands are: Belvoir, CJ Hole, Country Properties, Ellis & Co,
EweMove, Fine & Country, Hunters, Lovelle, Martin & Co, Mr and Mrs
Clarke, Mullucks, Newton Fallowell, Nicholas Humphreys, Northwood, Parkers,
The Guild of Property Professionals and Whitegates.

 

Headquartered in Bournemouth, the Company was listed on AIM on the London
Stock Exchange in 2013 and entered the AIM 100 in July 2024.

 

More information is available at www.propertyfranchise.co.uk
(https://protect.checkpoint.com/v2/r02/___http:/www.propertyfranchise.co.uk/___.YXAxZTpwcm9wZXJ0eWZyYW5jaGlzZTpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDo1NmVjOWJiOTg4NDA4MTY5ZTczZTNjMWI2N2MzNWE0ZDo3OjM0ZmM6ZTM4NGNkNzkyNWMzYTY3NDU2NWZkNzBjYjQ5Zjg0MjY4ZDNiMjQ4NTUyYzk0Y2ZlMGIwNGIzYzg1ZDU4MDJlOTpwOlQ6Rg)

 

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