In an announcement on the London Stock Exchange today it says: “The business is being acquired from administrators and is not expected to have a material impact on the group’s earnings line in 2010.
“HoC is a fast growing multi-tied specialist mortgage network provider to approximately 500 self employed mortgage advisers with extensive financial services expertise and knowledge of the mortgage market.”
LSL Property Services owns the UK’s largest residential surveying operation and owns the UK’s second largest estate agency network, having recently acquired the Halifax estate agency operation. In 2009, LSL Property Services reported pre tax profits of £28.3m.
Simon Embley, CEO of LSL Property Services, says: “Home of Choice is an acknowledged leader in its field and I look forward to working in partnership to build on the solid foundations of this high quality business.
“Strategically, this acquisition will strengthen our relationships with key lending clients, thereby providing a significant opportunity to leverage our financial services assets across the group.
“This acquisition realistically makes us one of the leading mortgage distributers in the UK.”
Gerry O’Brien, CEO of Home of Choice, says: “I am delighted that we have attracted the investment of LSL Property Services one of the best known and respected businesses in the UK residential market.
“LSL is a financially secure parent and its strong balance sheet gives us the investment backing to further grow the business.
“My fellow directors and I set out five years ago on a journey to build the number one business network for advisers.
“The feedback I have received already from our adviser network has been overwhelmingly positive – like me they are excited about the new opportunities afforded by a new parent company to continue to grow and develop a high quality and robust network.”