LSL pay £9.1 Million for a percentage of Colchester based Mortgage Company.

February 22, 2016

I spent a leisurely afternoon last Friday, after the news was made public, with one of the smaller share holders of the very recent LSL deal to purchase 65% of the Colchester based Mortgage First business, and I rejoice with them in the rewards that sticking at a business and within a industry sector for a number of years really does pay off.

LSL property services, has been reported to have taken a 65% interest in the company Group First Limited which is a local business to us in Colchester offering mortgages and protection advice for mostly news homes. A total of £9.1 million in cash will be paid initially with a further amount to complete the purchase in 2017.

Paul Maston, CEO of Group First Limited, will remain as CEO (he founded the business in 1988). There were other share holders involved during the company’s journey to it’s current position.

Ian Crabb who is the LSL Group CEO, is quoted as saying: “This investment supports LSL’s strategy to grow long term profitability in the provision of residential property services in the UK, by identifying value enhancing opportunities. Further, the investment strengthens LSL’s relationships with its key house builder clients.”

Report on London Stock Exchange website can be viewed here.

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Home and Living

Mould Tops List of Bathroom Red Flags For Homebuyers

Mould, Space & Water Pressure: 3 Bathroom Deal-breakers Affecting House Sales This Spring   Almost 9 in 10 (88%) Brits say at least one bathroom issue would put them off making an offer on a house.   Mould (60%), lack of space (44%), and water pressure (37%) are the top three deal-breakers, with concern intensifying…
Read More →
Home and Living

10 Common Carpet Stains and How to Remove Them

Carpets rarely get dirty in one obvious moment. It’s usually something you don’t notice right away. A bit of coffee in the morning when you’re half awake. Someone walks in with slightly wet shoes. Something small gets dropped during dinner and wiped quickly, but not completely. None of it feels important at the time. Then,…
Read More →
bank of england interest rate
Breaking News

Industry Response to Bank of England Rate Hold

The Bank of England has just announced its decision to hold the base rate at 3.75%. This decision comes as a result of wider economic uncertainty and inflation (CPI) increasing to 3.3% in March and remaining above the Bank’s 2.0% target.   Matt Smith, Rightmove’s mortgage expert “A Bank Rate hold is actually positive news…
Read More →
Letting Agent Talk

England’s non-decent homes could fall by 20%, but it will cost £1.43bn

The latest insight from Inventory Base indicates that the number of non-decent homes in England could be reduced by 20% over the next ten years. However, the sector must recognise that even this modest and achievable reduction would come at a substantial cost of £1.43 billion.   Inventory Base’s analysis of government data shows that,…
Read More →
Estate Agent Talk

Agents face growing stock backlog as slower market leaves more homes unsold

The latest research by GetAgent has revealed that estate agents are facing a growing backlog of unsold homes as the proportion of stock being converted into sales has fallen across almost every region of the market over the last year.   GetAgent analysed current sales turnover rates across the market, measuring the number of homes…
Read More →
what is happening to house prices
Breaking News

Renters’ Rights Act – What landlords should do now

On 1st May 2026, the first raft of measures in the Renters’ Rights Act (RRA) come into force in England. Here are the key changes to be aware of and steps landlords need to take:   Periodic ‘rolling’ tenancies will replace fixed-term tenancies. The common minimum six or 12-month commitments will disappear, and tenants will…
Read More →