Firm News

PRESS RELEASE

February 11 2010

LSL PROPERTY SERVICES ACQUIRES TEMPLETON LPA OF CARDIFF

LSL Property Services Plc (LSL) has today announced its acquisition of Templeton LPA, a specialist practice of Chartered Surveyors based in Cardiff and Leeds for an undisclosed sum.

Templeton LPA, the market leader in its field, offers Law of Property Act (LPA) receivership services to lenders with defaulting borrowers on buy-to-let mortgages. The firm operates nationally, and clients include leading mortgage lenders.

LSL, the UK’s residential property specialist, is Britain’s second largest estate agency group with 584 branches, as well as being the UK’s largest residential lettings agent. It owns the Your Move, Reeds Rains and e.surv brands.

LPA receivers are appointed by buy-to-let lenders where the borrower has defaulted on the mortgage and recovery is sought.  The process enables tenants to remain in their homes, with the LPA receiver managing the property and receiving rent on behalf of the lender.  This avoids the risks associated with a vacant property, and enables it to be used for the benefit of lenders, borrowers, tenants and the community as a whole.

South Wales accountants BPU have been closely connected with Templeton. BPU Director Peter Umbleja was a Director and Shareholder of Templeton, having helped launch the specialist firm in 2008.  BPU, one of South Wales’ leading independent accountancy firms provided accountancy services to the property receivers.

The Cardiff operation of Templeton employs 28 at its Castlebridge offices. The new owners are committed to developing the business. No jobs are at risk and the 36 staff of Templeton in Cardiff and Leeds will continue to operate on a ‘business as usual’ basis.

Peter Umbleja commented: “I am delighted that this deal has been completed and that Templeton is now part of one of the UK’s leading property groups. It shows that specialist skills can be nurtured here in Wales and is a tribute to the dedication and talents of the workforce.”

Cardiff commercial lawyers M&A acted for the vendors in the deal.”This deal marks the start of an exciting new chapter for the management team in their development of Templeton and we are delighted to have been part of it,” said Beverley Jones of M&A.

The acquisition further supports LSL’s strategic objective to provide a full and comprehensive range of residential property related services. The Templeton acquisition enables LSL to provide lettings management and property disposal services to lenders across all of their product range. Templeton LPA becomes a wholly owned subsidiary of First Complete and will continue to operate independently of LSL Corporate Client Department through its two offices.

Ray Hugill and David Burgess who are currently Directors of Templeton LPA will remain in their positions, together with Finance Director Geoff Davies. This team will continue to manage the business going forward.

David Brown, Commercial Director of LSL Property Services Plc, said:  “The acquisition of Templeton LPA, the acknowledged leader in its field, provides a further enhancement to the range of services we provide to our corporate clients.  This is an important development for us, one that will be valued by our clients and business partners, and an additional revenue stream for LSL.  We are pleased to welcome the team at Templeton LPA to the group.”

David Burgess, Managing Director of Templeton LPA, said: “We are delighted to be part of the LSL Property Services group and whilst we will continue to be run independently we are confident that working together with other parts of the business where appropriate will enable Templeton to provide enhanced services to our clients.”

ENDS