Newcastle group LSL Property Services has sold its stake in a conveyancing business for £12m as part of efforts to streamline its business.
The group has sold its 49.6% stake in LMS, a provider of conveyancing panel management services, to a 海角视频 private equity firm.
LSL, which owns a number of estate agent and conveyancing brands, including Your Move and Reeds Rains, said the sale would allow it to simplify the group's structure while "providing further capital for deployment into opportunities to accelerate the group's growth strategy, in particular financial services".
In recent months LSL has made a number of significant investments designed to increase its financial services operations.
At the beginning of 2021 the group acquired the Mortgage Gym, a digital platform that allows customers to connect with a mortgage adviser and track their applications throughout the process.
Since the acquisition, LSL has leveraged Mortgage Gym's tech in a number of ways, including using it to launch a new mortgage broker called Pivotal Growth.
Pivotal Growth is a joint venture between LSL and Pollen Street Capital and has been designed to tap into the mortgage brokerage market, which LSL has described as "fragmented".
A total of £200m was made available for the joint venture to allow it to fund future acquisitions.
LSL also recently announced that it will now be providing mortgage advice to customers of The Property Franchise Group. The deal will allow the North East firm to provide digital and face-to-face mortgage advice to customers in 430 of The Property Franchise Group's shops.