LSL Property Services Strategic investment in online hybrid estate agent (6562P)
02 September 2017 - 3:05AM
UK Regulatory
TIDMLSL
RNS Number : 6562P
LSL Property Services
01 September 2017
For Immediate Release 1(st) September 2017
LSL Property Services plc ("LSL")
LSL makes strategic investment in online hybrid estate agent
LSL Property Services plc, a leading provider of residential
property services incorporating both Estate Agency and Surveying
businesses is pleased to announce a strategic investment in an
online hybrid estate agent.
During 2017 LSL has been exploring and evaluating options to
capitalise on digital opportunities created by the growth in
consumer acceptance of online and hybrid estate agency business
models.
LSL announces the acquisition of a minority stake in Yopa
Property Limited (trading as "Yopa"). The management team is led by
Daniel Attia who co-founded the business in 2014. Since then, under
Daniel's leadership the management team has successfully developed
its consumer focused, technology-enabled business model, which was
launched in hybrid form in January 2016. The business model
includes market leading digital technology linking the activities
of sellers and buyers with Yopa's own local agents, who are
supported by a dedicated customer service centre.
The total consideration for the 17.3% equity investment is
GBP20m payable in full at completion from LSL's existing bank
facilities. For the financial period ended 31(st) July 2015, being
the 55 week period covered by the latest published accounts, Yopa
reported a loss before tax of GBP1.0m and had gross assets of
GBP0.3m.
LSL and Yopa have agreed to collaborate together in a strategic
partnership with the objective of creating value for both LSL and
Yopa shareholders.
Yopa will continue to operate independently, under its existing
brand and management team.
Ian Crabb, Group Chief Executive Officer of LSL, said:
"We have been impressed by the Yopa management team, their
business model and the technological capability which they have
built. We are committed to working closely with the Yopa team
through our strategic partnership to enhance their consumer
offering and to leverage LSL's know-how and services across the
residential property value-chain. LSL aims to derive value from the
strategic partnership through the potential to provide services to
Yopa and to selectively leverage their know-how into the LSL Estate
Agency business.
This investment provides LSL with a meaningful presence in the
expanding online and hybrid markets and represents an attractive
strategic shareholding for the LSL Group."
Daniel Attia, co-founder and CEO of Yopa, said:
"We are delighted to welcome LSL as an investor into the
business. LSL has been evaluating a range of opportunities in the
online and hybrid estate agency space, and their investment is a
fantastic testament to the strength and potential of the Yopa
business as well as the first-class team we have driving the
business forward.
The Yopa and LSL strategic partnership and investment will help
further accelerate Yopa's growth and cement our position as a
leading player in this space."
This announcement has been determined to contain inside
information.
For further information, please contact:
Ian Crabb, Group Chief Executive
Officer
Adam Castleton, Group Chief
Financial Officer
LSL Property Services plc 0207 382 0360
Richard Darby
Sophie Cowles
Gemma Mostyn-Owen
Buchanan 0207 466 5000
Notes on LSL:
LSL is a leading provider of residential property services to
its key customer groups. Services to consumers include: residential
sales, lettings, surveying, conveyancing and mortgage, pure
protection and general insurance brokerage services. Services to
mortgage lenders include: valuations and panel management services,
asset management and property management services. For further
information, please visit LSL's website: www.lslps.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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