The parent company of networks First Complete and Pink also paid £0.6m for intercompany debt, with LSL purchasing the entire issued share capital of Personal Touch.
The acquisition will boost LSL’s scale and market share in the industry, with Personal Touch sitting alongside the existing businesses and strengthening the company’s overall position as a distributor of mortgage and non-investment insurance products.
PTFS has 200 appointed representative firms and 474 advisers distributing mortgages and other financial services products.
Across its Pink and First Complete networks LSL has 641 appointed representative firms and 1,775 advisers.
Ian Crabb, group chief executive of LSL, said: “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.
“LSL has deep sector expertise in the provision of financial services and PTFS is an excellent fit with our existing financial services businesses.”