LSL Property Services PLC Franchise Network Update (2575B)
June 01 2023 - 2:00AM
UK Regulatory
TIDMLSL
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
Helen Tarbet
Simon Compton
George Beale
Buchanan 0207 466 5000 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
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END
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