Business
Franchise Network Update
Franchise Network Update.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n\n 1 June 2023\nLSL Property Services plc (\"LSL\" or \"Group\")\nFRANCHISE NETWORK UPDATE\nLSL confirms that further to the announcement on 4 May 2023, it has now agreed contracts with the remaining 40 branches to become franchises, of which 37 have now completed and the remaining few are expected to complete during June 2023, following completion of some administrative registrations. Following completion of these agreements, LSL is now one of the largest providers of estate agency franchise services in the UK, supplying services to a network of just over 300 branches.\nOne of the new franchisees, Greg Young, is a former LSL subsidiary director. In return for Greg Young entering a franchise agreement with LSL, the Group will receive a long-term royalties based agreement and a de minimis consideration for the assets transferred. The franchise agreement is a smaller related party transaction which falls within the provision of Listing Rule 11.1.10R.\nDavid Stewart, Group Chief Executive, commented:\n\"I'm pleased to confirm completion of our programme to franchise our estate agency network. The new franchisees are experienced estate agents and I am sure they will ensure these branches go from strength to strength. I wish them every success.\"\n \nFor further information, please contact:\n \n\n\n\nDavid ...