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LSL has grown its mortgage business with another acquisition.
The property brand announced yesterday that it has acquired the Tenet Mortgage network, adding 278 advisers working within 157 firms to its financial services business.
The deal is worth £12.9m and is financed from LSL’s cash resources.
After a short period of transition, the network’s members will be integrated fully in the operations of LSL’s PRIMIS Network.
LSL said it expects the transaction to be “earnings enhancing” in 2024.
David Stewart, group chief executive of LSL, said: “I’m delighted we have been able to complete this transaction and I look forward to welcoming TenetLime’s advisers to our PRIMIS Network.
“The increase in membership will help us to further invest in our service offering to member firms as well as delivering scale economics to support further growth. The acquisition also underpins our leading position in the mortgage and protection network market and is fully aligned with our group strategy to develop our financial services network business.”
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