LSL Property Services, owner of Reeds Rains and Your Move agencies, has sold its holding in conveyancing panel management firm LMS for £12m.
It held 49.6 per cent of LMS, which has now been sold to a private equity firm.
LSL has told shareholders that the sale has simplified the group structure, provided capital for deployment into opportunities to accelerate the company’s growth strategy, in particular financial services.
It’s the latest in a number of below-the-line activities by LSL, with announcements earlier this year of two technology acquisitions, a major financial services distribution agreement with The Property Franchise Group, and a £200m joint venture with Pollen Street Capital to create a major mortgage broker called Pivotal Growth.
Last month LSL - which still offers a wide range of non-agency services including mortgages, insurance and other financial products as well as surveying and valuations services division e.surv - reported strong figures for the first quarter of the year.
The proceeds from the sale of its share in LMS is to be spent by LSL on growing its financial services business, which it sees as a key area of development via Pivotal Growth.