LSL Property Services has agreed to acquire Pink Home Loans for £1.59 million.

LSL Property Services has agreed to acquire Advance Mortgage Funding, which trades as Pink Home Loans, for £1.59 million.

The acquisition includes Pink Home Loan’s subsidiary BDS Mortgage Group, and is subject to approval from the Financial Services Authority.

LSL is to fund the acquisition of Pink Home Loans from the Skipton Building Society using existing banking facilities.
Under the terms of the deal Pink will be run independently from LSL’s other financial services businesses and will retain its existing management team.

David Copland, managing director of Pink Home Loans, comments: ‘In this new business and regulatory climate, scale is a vital component in the success of distribution businesses like ours, something Pink has been developing over the past three years with its organic growth and the acquisition of BDS.’

Staffordshire-based Pink Home Loans is a mortgage and insurance company. The business was founded in 1990 as Advance Mortgage Funding and re-named Pink Home Loans in 1999.

LSL is a residential property service company that operates a number of surveyors and estate agencies including Reeds Rains. The company has a £75 million acquisition facility and in 2010 declared half-year pre-tax profits of £19.7 million.