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.