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LSL diversifies from agency work with £5.4m mortgage firm acquisition

LSL Property Services is beefing up the mortgage arm of its activities. 

It has acquired the mortgage adviser network Personal Touch in a deal worth £5.4m, of which around 40 per cent is deferred for 12 months. Personal Touch Financial Services has 200 appointed representatives and 474 advisers.

LSL group chief executive Ian Crabb says: “This acquisition supports LSL’s stated strategy of enhancing its position as a leading mortgage distributor and growing long-term profitability in the provision of residential property services in the UK by identifying value enhancing opportunities.”

Personal Touch Financial Services and Personal Touch Administration Services lost some £100,000 in 2016, the most recent information available.

Unlike many quoted agencies LSL has not given a January trading update on its activities across the board.

Jefferies, the City investment firm that has worked with LSL in the past, says: “We view the silence on current trading to imply that the results for FY2017 will be in line with expectations.”

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