LSL to acquire London estate agency
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LSL Property Services is set to acquire London estate agency Marsh & Parsons.
Marsh & Parsons has 13 offices in Central and South-West London.
In the year ended December 31 2010 M&P reported sales of £23.3m and profit before tax of £6.3m. Net assets as at December 31 2010 were £6.8m.
After accounting for cash and excess working capital of approximately £3.1m, LSL will pay a total consideration of £53.1m, to be satisfied by £45.1m in cash, £7.6m in loan notes and £0.4m in growth shares for the entire issued share capital of Marsh & Parsons.
Completion is scheduled for November 22 2011 and is subject to shareholder approval.
Roger Matthews, chairman of LSL, says: “I am delighted to announce the acquisition of Marsh & Parsons which has an excellent geographic and strategic fit with LSL. This is a unique opportunity for LSL to acquire a premium central London estate agency brand and to gain a high quality and experienced management team with a great track record. We look forward to working with Peter Rollings and his team to deliver the next stage of growth for Marsh & Parsons.”
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