The HEAL network comprises 218 estate agency branches, which will be absorbed into the Your Move, Reeds Rains and InterCounty brands, making LSL the second largest estate agency network in the UK. The deal includes the transfer of some 130 mortgage consultants.
Roger Matthews, chairman of LSL, said: ‘This is a significant opportunity for LSL to acquire a high quality branch network, an established asset management business and a pipeline of sales on favourable commercial terms at a low point in the economic cycle.’
He added: ‘While any recovery is likely to be constrained by the availability of mortgage credit and [the] general economic backdrop, we believe that the group is well placed to deliver significant growth over the longer term when market conditions improve.’
In the six months ending June, LSL reported a decrease in revenue of 20 per cent to £74.1 million, while pre-tax profits were up by 39 per cent to £9.4 million.