LSL has acquired the entire issued share capital of Personal Touch Financial Services and its subsidiary company, Personal Touch Administration Services  from Personal Touch Holdings Limited. PTFS is a financial services business specialising in the provision of mortgage and other financial services products via its network of intermediaries.

The consideration for the acquisition is £4.8m plus an acquired inter-company debt of £0.6m and is made up of a payment of £2.8m which is due on completion and a further payment of £2.0m which is deferred for 12 months. The acquisition is being funded from LSL’s existing banking facilities.

The purchase comes after LSL announced it has extended its existing £100m banking facility for another four years.

The new arrangement will run until May 2022, replacing the existing maturity date of May 2020.

The facility is provided by a syndicate of four banks: Barclays, HSBC, Lloyds and Santander.

Ian Crabb, LSL group chief executive officer, said: “We are pleased with the continued support shown by our banking partners.

“The extended facility supports LSL’s strategy of delivering long-term shareholder value by building market leading positions in residential property services through organic growth and selective acquisitions.”