LSL Property Services sold its London Estate Agent Marsh & Parsons for £29 million

LONDON, UK: LSL Property Services announced the sale of its London Estate Agent Marsh & Parsons (Holdings) and its subsidiaries to a subsidiary of Dexters London Limited.

The consideration is £29 million on a cash free debt free basis, payable in cash at completion, subject to normal working capital adjustments.

For the 2021 financial year, the value of Marsh & Parsons gross assets was £28m and profit for the year was £1.8m, and the impact of this disposal will, therefore, not be material to the Group.

The proceeds will augment existing cash balances which will be used to support LSL’s growth strategy, and in particular opportunities in Financial Services. The LSL Property Services Board is carefully considering investment and shareholder distribution options available to it given the level of cash in the business and will provide an update in due course.

David Stewart, Chief Executive, commented: “Marsh & Parsons trades only in Prime and Outer Prime Central London and is operated autonomously from other parts of our Estate Agency business. This disposal helps to further simplify the Group structure to allow us to focus on maximising our core opportunities, particularly in our Financial Services Network business, whilst also reducing exposure to the more volatile London housing market.

“Following this disposal, we remain committed to developing the remaining LSL Estate Agency brands, where there is greater synergy with the rest of the Group, and opportunities for growth.”