Adviser network Personal Touch has been bought by estate agency business LSL Property Services in a deal worth £4.8m.
Through the deal, LSL acquires Personal Touch Financial Services and subsidiary Personal Touch Administration Services from Personal Touch Holdings.
LSL must also pay an acquired intercompany debt of £600,000. It will pay £2.8m on completion of the deal followed by a further £2m, which has been deferred for 12 months.
Personal Touch Financial Services has 200 appointed representatives and 474 advisers.
LSL group chief executive Ian Crabb says: “This acquisition supports LSL’s stated strategy of enhancing its position as a leading mortgage distributor and growing long-term profitability in the provision of residential property services in the UK by identifying value enhancing opportunities.”
Personal Touch Financial Services and Personal Touch Administration Services, reported aggregate losses before tax of £100,000 for the 12 months ended 31 December 2016, at which time they had aggregate gross assets of £20.3m.