LSL announces £20m investment into Savills-backed YO...

LSL Property Services has announced that it has invested £20 million into hybrid agency YOPA.

News of the investment broke on Friday evening and LSL has secured a 17.3% equity investment in the online firm.

The Telegraph reports that Daily Mail and General Trust- already an investor - has also committed a further £7.6 million to increase its stake.

YOPA has twice been backed by Savills - a £16 million investment in June 2016 and a further £15 million investment earlier this year.

When reporting its preliminary results for the year to December 21 2016 back in March, LSL said it was 'exploring options to capitalise on the growth in consumer acceptance of hybrid business models'.

It said that it would provide a 'further update' to shareholders later this year.

YOPA, which is led by Daniel Attia, will continue to operate independently, under its existing brand and management team.

In an official statement made on Friday evening, Ian Crabb, group chief executive of LSL Property Services, said: "We have been impressed by the YOPA management team, their business model and the technological capability which they have built."

"We are committed to working closely with the YOPA team through our strategic partnership to enhance their consumer offering and to leverage LSL's know-how and services across the residential property value-chain."

"This investment provides LSL with a meaningful presence in the expanding online and hybrid markets and represents an attractive strategic shareholding for the LSL Group."

Daniel Attia, co-founder and chief executive of YOPA, added: "We are delighted to welcome LSL as an investor into the business. Their investment is a fantastic testament to the strength and potential of the YOPA business as well as the first-class team we have driving the business forward."

"The partnership and investment will help further accelerate YOPA's growth and cement our position as a leading player in this space."