Newcastle's LSL Property Services has sold its London-specific estate agency business Marsh & Parsons to rivals Dexters London Limited.
The £29m deal, payable in cash at completion, is the latest move by LSL to streamline its group and follows the sale of its specialist new build mortgage arms Group First Limited and RSC New Homes Limited to Pivotal Growth, the joint venture it it operates with private equity investor Pollen Street Capital. LSL told the London Stock Exchange the disposal would not make a material impact on the group.
Accounts filed for Marsh & Parsons for 2021 show the firm had revenue of more than £33.4m and operating profit of £2.6m. LSL pointed to the £28m of gross assets at the estate agency, which employs about 340 people and signalled intentions to grow its number of offices in "outer prime central London" areas.
