Acquisition of Personal Touch Financial Services
LSL Property Services has acquired the entire issued share capital of Personal Touch Financial Services Limited (PTFS).
PTFS is a financial services business specialising in the provision of mortgage and other financial services products via its network of intermediaries. PTFS is authorised by the Financial Conduct Authority with 200 appointed representative firms and 474 advisers. In 2017, the PTFS network of advisers arranged £5.1bn of mortgages.
This acquisition provides LSL with additional scale and market share in financial services, complementing their existing businesses and further strengthening their position as a leading distributor of mortgage and non-investment insurance products. This acquisition further strengthens the resilience and diversification of the LSL’s business model as the Group benefits from the provision of increased mortgage and non-investment insurance volumes by intermediaries outside of the Group’s core Estate Agency businesses.
Ian Crabb, Group Chief Executive, said:
“This acquisition supports the Group’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. LSL has deep sector expertise in the provision of financial services and PTFS is an excellent fit with our existing financial services businesses.”