LSL Property Services has secured new banking arrangements with a £90m revolving credit facility in anticipation of what it calls “attractive opportunities” for expansion.
In a trading statement to shareholders, the firm - which owns Your Move and Reeds Rains - says agency income from lettings and sales remains very strong, with the company extending its share of instructions in areas in which its branches operate.
The revolving credit facility, which has a maturity date of May 2024, will replace the previous £100m facility that was due to mature in May 2022.
Meanwhile Connells Group - which has also reported to its shareholders - says its upcoming acquisition of Countrywide is on course.
Group chief executive David Livesey states: “This is an exciting next chapter for us and we very much look forward to welcoming our new colleagues into the group. We believe in a well-invested high street branch network that utilises the best in technology, and we look forward to investing in and enhancing the Countrywide business for our shared success."
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I assume the opportunities LSL refer to are in FS and Surveys or just a routine renewal of their credit facility. It wouldnt make sense to expand their EA business when they have just spent 5 years at great expense reducing its size and profitability by over 50%, then to spend £90m expanding it again.
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