Neither Home of Choice nor LSL were able to disclose which liabilities were taken on through the deal and which were left with the administrators.
LSL is a FTSE-listed business which includes estate agency and surveying services. It recently acquired Halifax’s estate agency operation and posted pre-tax profits of £28.3m in 2009, while the Home of Choice mortgage network has 500 appointed representatives.
LSL Property Services chief executive officer Simon Embley says: “Home of Choice is an acknowledged leader in its field and I look forward to working in parnership 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.
Home of Choice chief executive officer Gerry O’Brien adds: “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.”