LSL Property Services, which owns a range of mortgage brokers, estate agents and surveyors, has bought advice network Personal Touch Financial Services (PTFS) for £4.8m
The acquisition includes taking £0.6m of intercompany debt from Personal Touch. Of the purchase price, £2m is deferred for twelve months.
Personal Touch has 200 appointed representative firms and 474 advisers. It owns and operates the Toolbox software system, which is the operating system used by all PTFS advisers.
The network reported aggregate losses before tax of £0.1m for the year ended 31 December 2016, at which date the company had aggregate gross assets of £20.3m.
Ian Crabb, group chief executive of LSL, said the acquisition provides his company with additional scale and market share in financial services.
"This acquisition supports LSL’s stated strategy of enhancing its position as a leading mortgage distributor and growing long-term profitability in the provision of residential property services in the UK by identifying value enhancing opportunities.," he said.
"LSL has deep sector expertise in the provision of financial services and PTFS is an excellent fit with our existing financial services businesses.”