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LSL emerges as Home of Choice preferred bidder

LSL Property Services has emerged as the preferred bidder for mortgage network Home of Choice, Money Marketing understands.

It is believed that both the Home of Choice board and the network’s bank have chosen LSL as the preferred bidder.

LSL is the parent company of Your Move, Reeds Rains and Intercounty.

Money Marketing also understands that the board did not support the bid from The Money Group’s managing director, Tony Murtagh, as they did not feel it was supportive to both HoC’s staff and the company.

In a statement released today, HoC chief executive Gerry O’Brien says the company is setting up a series of roadshows, beginning Wednesday, which aim to give ARs information about the new owner of HoC, fees and authorisations.

The company has informed all of its their-party relationship partners over the weekend over the deal.

In the statement, O’Brien says: “Tomorrow I expect to be telling our brokers about the new listed owner who will bring financial security to the network.  Their questions about backdated fees, commission and pipeline will also be answered.  The business is working furiously behind the scenes to ensure that brokers are properly supported during these challenging times and I thank everyone – staff, brokers and third parties  – who are solidly behind the continuation of this great business.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. i dispute the boards view. My bid protected all the staff..creditors and network members….make both bids public…let the network decide…ps how many network members had a verbal agreement to be given share options ?

  2. I have to agree with Tony here, both bids should be discussed with all the members of the network if not at least the high producers as i know personally that several f them are signing up with other networks today following the lack of communication, i think LSL and the other bidders will be shocked at the amount of AR’s who have left in the interim!

  3. I am just in the process of joining HOC as a fully qualified but non CAS adviser. Where does this leave me? I suspect that ‘Your Move’ will Cherry pick [pun intended] the best advisers and dump the rest along, with meself.
    Help needed.
    Thanks
    Pete

  4. Ewart Matthias 4th May 2010 at 1:32 pm

    Tony the FT Adviser states the following:

    “Meanwhile, according to the source, the Money Group’s managing director Tony Murtagh also placed a bid for the business but did not receive support from the board.

    It is believed Mr Murtagh did not guarantee Transfer of Undertakings Regulations (Tupe) rights for staff.

    LSL on the other hand is understood to have apparently agreed to Tupe rights and to cover the back log commission for advisers and confirmed that all payments will be protected”.

    If this is not the casecould you let AR’s know? At least the record would be clear.

  5. There is some logic in the LSL deal. Both Reeds Rains and Linear are mortgage ARs and could build HoC’s production base and profitablility.

    This is bad news for Openwork who will lose some significant volume.

    As for HoC it means they will move back to being a purely mortgage network, so forget the promises about financial planning.

    As far as network members deciding who the buyer is, forget it Lloyds is in charge.

  6. The board have to recommend a bid. Lloyds have no seat on the board.

  7. As frustrated as you may be Mr Murtagh, I’m not sure raising your frustration in such an open and public manner reflects tremendously well on your business manner.

    I’m sure there is a more professional and constructive way in which you can pursue this acquisition.

  8. To Mister maker….my mobile is 07786 437796,feel free to call me. If lsl acquire and pay you all 100 % then i am delighted for you all. Best of luck….Have the contracts been amended favourably ? ..if so even better….i havent heard from anyone who attended a roadshow yet…so some up to date info would help us all.

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