Business
Strategic investment in online hybrid estate agent
Strategic investment in online hybrid estate agent.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n \nRNS Number : 6562P LSL Property Services 01 September 2017 \n\nFor Immediate Release 1st September 2017\n \nLSL Property Services plc (\"LSL\")\n \nLSL makes strategic investment in online hybrid estate agent\n \nLSL Property Services plc, a leading provider of residential property services incorporating both Estate Agency and Surveying businesses is pleased to announce a strategic investment in an online hybrid estate agent.\nDuring 2017 LSL has been exploring and evaluating options to capitalise on digital opportunities created by the growth in consumer acceptance of online and hybrid estate agency business models.\nLSL announces the acquisition of a minority stake in Yopa Property Limited (trading as \"Yopa\"). The management team is led by Daniel Attia who co-founded the business in 2014. Since then, under Daniel's leadership the management team has successfully developed its consumer focused, technology-enabled business model, which was launched in hybrid form in January 2016. The business model includes market leading digital technology linking the activities of sellers and buyers with Yopa's own local agents, who are supported by a dedicated customer service centre.\nThe total consideration for the 17.3% equity investment is £20m payable in full at completion from LSL's existing bank facilities. For the financial period ended 31st July 2015, being the 55 week period covered by the latest published accounts, Yopa reported a loss before tax of £1.0m and had gross assets of £0.3m.\nLSL and Yopa have agreed to collaborate together in a strategic partnership with the objective of creating value for both LSL and Yopa shareholders.\nYopa will continue to operate independently, under its existing brand and management team.\nIan Crabb, Group Chief Executive Offi...