Home of Choice confirms LSL talks

5 May 2010 | By Natalie Thomas

Home of Choice has confirmed for the first time today that it’s in advanced talks with LSL Property Services about acquiring the business and this will result in the network going into administration while it’s bought.

A spokeswoman for Home of Choice, says: “We can confirm we are in advanced discussions with LSL and would expect to make an announcement in the next 48 hours.

“When the board recognised the potential financial difficulty steps were taken to secure further investment, in whole or in part, to support the business.

‘However, despite a number of very positive developments, in the time available the necessary level of support could not be secured.

“The board were advised that in the circumstances, administration offered the best solution to rescue the business.”

Because it is a new company brokers will have to sign contracts which will enable them to carry on submitting new business.

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Readers' comments (25)

AR of HOC | 5 May 2010 3:45 pm
We haven't even received an official communication from Home of Choice about this. I was told that LSL have purchased HOC but this story is saying they are in advanced talks.

It's all a load of nonsense.
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C Thalha- HoC AR | 5 May 2010 4:03 pm
http://www.mortgagestrategy.co.uk/story.aspx?storycode=1011148&PageNo=1&SortOrder=dateadded&PageSize=20#comments

The above is a link to yesterdays article in MS where i quote a comment by Gerry O'Brien "He adds: “Can I also remind you that Home of Choice is not in administration and normal service is currently being resumed.”
Based on this comment and coupled with the comment above "The board were advised that in the circumstances, administration offered the best solution to rescue the business.” Where is the honesty that us brokers must adhere to when talking with our clients being echoed by our Network?As far as I am concerned HoC Directors are purely and simply looking after Number One! The truth of the matter is that you are not guaranteed the monies owed to you by HoC by the new co. My opinion is that the best option for all of us brokers would of been that the board had accepted the proposal from Mr Murtagh which would of meant that HoC would of remained a viable business with someone with clear business accumen. I trust that the HoC Directors can sleep well at night in the knowledge that they have served THEMSELVES well.
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Anonymous | 5 May 2010 4:26 pm
TOP 20 AR of Hoc - What a shambles.... the new contract will be "Sign up for 3 years and then we will pay you the pipeline that we owe you" The way this has been dealt with is disgusting and Richard & Gerry should be ashamed that they have come out of this 'looked after' while the rest of us have been shafted.
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Anonymous | 5 May 2010 4:30 pm
I have been to the meeting this morning and were made to believe that the company had been bought and were will get our monies owed if we sign the new contract about to be sent today, if signed today we get monies Friday. When asked about hoc going into admin while being bought we were told no. What is going on.... who is not telling all.. what are the implications for me?
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David | 5 May 2010 5:04 pm
You can imagine what the next move will be cant you? The new contracts will be tied to performance targets thereby insuring the continuity of business to HOC and the new investor. If you dont meet the performance target wave bye bye to your hard earned pipeline, but we will invite you to a free lunch!
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Very Unhappy HOC AR | 5 May 2010 5:14 pm
I cannot believe what is happening.I have been told I will get paid this week. Now you are telling me new contracts, new tie in terms, still no date of my monies.

How can I trust anything the management says.

I will be voting with my feet and leaving.

I suggest every other now ex HOC AR does the same
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Anonymous | 5 May 2010 5:25 pm
Is there anyone who will be staying with the new network?
Surely LSL aren't happy tht the firm they though they were buying won't be the firm they end up with?!
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Anonymous | 5 May 2010 5:34 pm
has any one had a new contract to look over?????
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Anonymous | 5 May 2010 6:13 pm
Once again the information placed on this site is misinformation. Are the authors really HOC AR's? I've attended a meeting today and it was made very clear that the new contract will be very similar to our existing contract. When I receive my contract I'll make my mind up then and not before!
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Neill Turner | 5 May 2010 7:00 pm
So many anonymous statements...!!!
I'm an AR of HOC, I've atended the meeting. Just like everyone else, I'm not happy. The bottom line is this: Let's look at the contract when it's available. If, like they say, it's similar to the old contract, I for one will be staying. Let's face it, times have been, and still are, tough. I for one take my hat off to Richard for turning up, saying sorry, and giving as much information as he could. He hit the nail on the head for me when he said "we were perfectly happy with the network a few weeks ago"
If we have a company like LMS to back us with cash till things improve, where's the problem. Yes, before anyone says it, it's been a mess, mistakes have been made, I havn't been paid either, but you know what, life's made up of two types of people, Victims and survivors. It's an attitude of mind. make your own mind up one way or another to stay or to go but at least when you post a comment, have the balls to own it.
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