Connells and LSL enter into joint venture with LMS
18 July 2011
It has been announced today that LSL Property Services plc (LSL) and Connells have acquired an interest in Legal Marketing Services Limited (LMS) and LMS Direct Conveyancing Limited (LMS DC) through an investment in Cybele Solutions Holdings Limited, its ultimate parent company.
The acquisition results in LSL, Connells and the existing management team entering into an equal joint share venture, with LSL and Connells each paying £672,000 for a 33.33% share in the business.
Established in 1991, the LMS Group is a leading provider of conveyancing and remortgaging panel management services to many of the country’s largest mortgage lenders. In addition LMS provides a range of conveyancing related services to numerous mortgage brokers and estate agents. The venture will lead to both LSL and Connells representatives joining the LMS board and is expected to offer significant longer-term opportunities to the lender and legal communities.
Andy Knee, Managing Director for LMS commented:
“Whilst LMS has adapted well to the challenges of the market and remained profitable despite the significant downturn in housing and remortgage transactions over the last few years, we came to appreciate that our customers generally and lenders, in particular, are seeking not just good service levels but also the reassurance of longer term financial security and stability. This new joint venture will allow us to offer this and also open up mutually beneficial business opportunities allowing us to provide our flexible and effective solutions to the emerging needs of lenders that bulk conveyancing firms will find difficult to match.
“LSL and Connells have an outstanding track record and provide the perfect ‘fit’ for our business and I am excited at the prospect of working with them in the future.”
David Livesey, Group Chief Executive of Connells added:
“Developments in transactional conveyancing and the increasing number of lenders taking greater control over their conveyancing panel mean that now is an ideal time to invest in a best-of-class panel management provider. LMS will enhance Connells’ proposition to our lender partners, providing an effective and profitable addition to the Connells Group.”
For further information please contact: Julia Brook, Connells Group PR Manager on 01525 215419 or firstname.lastname@example.org
Notes to Editors
About Connells Group
Founded in 1936 and comprising 471 branches nationwide, the industry-leading Connells Group is the most profitable UK estate agency network. In addition to operating under the Connells brand, the Group trades under other well-known local names including Allen & Harris, Bagshaws Residential, Barnard Marcus, Brown & Merry, Fox & Sons, Jones & Chapman, Manners & Harrison, Roger Platt, Shipways, Swetenhams, William H Brown and Sharman Quinney. As well as residential property sales and lettings, the Group has a comprehensive range of B2C and B2B services including new homes, mortgage services, conveyancing, EPCs, surveying, corporate lettings, asset management, land & planning, LPA receivers, auctions and relocations. In the last five years, it has handled 242,899 sale and purchase conveyancing instructions. The Connells Group is consistently named Best Large Estate Agency at the Estate Agency of the Year awards, winning the top prize for four of the past six years. It is also highly acclaimed in the New Homes category, winning Gold five times in the last six years, and in the Financial Services category for which it currently holds the Gold prize. For more information, please visit www.connells.co.uk
LMS began with a simple vision; to provide unrivalled outsourcing services to the lending and property industries and over the last 20 years has built a strong track record of growth and a portfolio of clients that includes some of the biggest and most demanding in the business. Today, LMS manages over 100,000 transactions a year, helping lenders, brokers and estate agents to enable loans of more than £12 billion for homeowners across the UK. LMS were one of the first to understand the power of the Internet, developing online ordering, management, tracking and quality controls. This expertise in technology has been used to great effect. For example, LMS have re-invented the remortgage process - stripping out costs and automating systems to deliver a faster and more effective system for their clients and their customers. Today, lenders are looking for increased level of security within the conveyancing process and LMS is at the forefront of developing solutions designed to eradicate mortgage security fraud whilst bringing the communication between lenders and their chosen legal suppliers into the 21st century.