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Property giant LSL agrees new £100m banking facility

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  • 20/06/2013
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Property giant LSL agrees new £100m banking facility
LSL Property Services, parent company of Your Move, and mortgage advice networks First Complete and Pink, has agreed a war chest of £100m in loans from four banks set to mature in 2017.

The facility comprises a £95m revolving credit facility and a £5 million overdraft facility provided by relationship banks Barclay’s and Lloyds TSB Bank, joined by HSBC and Santander.

The new facility replaces LSL’s existing funding package of £75m which the company said will provide working capital and acquisition finance.

Newcastle-headquartered, LSL said the loan amount has been increased to provide additional debt capacity in line with the growth in group profitability over the last three years.

Steve Cooke, LSL group finance director, said: “We are delighted with the support shown by our banking partners and pleased to welcome HSBC and Santander into our arrangement. The new facility will enable LSL to continue to deliver its strategy of investing in organic growth initiatives and making selective value enhancing acquisitions.”

Last month, in its interim statement, CEO Simon Embley said the property market had taken off since mid-April and outlined plans for further investment in its estate agency and surveying arms.

Martin Lunt, HSBC Head of Corporate for Yorkshire and the North East, said: “LSL Property Services has undergone significant recent expansion and is well placed to benefit from the renewed strength of the housing market on both sales and lettings. This latest finance package will give it the ability to continue its strong growth path through a combination of organic expansion and strategic acquisitions.”

LSL Property Services plc serves consumers and lenders and its business roughly divides into estate agency and related services and surveying and valuations.

 

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