LSL Property Services has completed two acquisitions as part of its digital strategy to drive growth in financial services.
The Newcastle firm has sealed deals for a 60% stake in Direct Life Quote Holdings Limited for £1.8m, and the acquisition in full of the business and assets of Mortgage Gym Limited for £2.4m.
LSL – owner of the estate agent chains Your Move, Reed Rains and a number of other businesses – said the acquisitions will strengthen its digital capability and help to drive increased market share and profitability.
Direct Life Quote Holdings’ main subsidiary, Direct Life & Pension Services Limited, has developed an advanced technology platform that offers digital protection insurance product recommendations, through an online service.
The agreement allows LSL to take a further share in the business at a later date.
LSL has been a strategic investor in Mortgage Gym which has developed a digital platform that confirms mortgage eligibility within 60 seconds, matching borrowers with lenders.
Meanwhile, the firm announced it has appointed Steve Goodall as managing director of e.surv, one of the 海角视频’s largest provider of surveying and valuation services, and Andy Deeks as group chief strategy officer.
Mr Goodall was most recently chief executive of AIM-listed ULS Technology plc, a provider of digital home moving and legal services platforms and before that he was managing director of Legal & General Surveying Services for 13 years.
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Mr Deeks was most recently an executive director at Coventry Building Society with responsibility for product, marketing, digital and strategy.
David Stewart, group chief executive officer of LSL, said: “These important acquisitions will help LSL drive further growth in financial services, which is at the heart of our strategy. They provide us with market-leading digital capability, and I am delighted that we have been able to complete these deals.
“I’m also delighted to welcome Steve Goodall and Andy Deeks to LSL.
"Steve is highly respected across the surveying and valuation markets and his deep understanding of the sector will prove invaluable to our plans to grow e.surv. Andy has already made a significant contribution as we develop ambitious targets for the group and I’ve no doubt that he will play an important part in taking the group forward as we implement our plans in the coming months and years.
“In our full year trading update, released on 15 January 2021, we were pleased to announce very strong trading in December 2020 with full year 2020 group underlying operating profit expected to be significantly ahead of 2019. We will provide further details with the release of our preliminary results for the year ended 31 December 2020.”