LSL Property Services has announced the sale of its mortgage, protection, and general insurance brokerage firms Embrace Financial Services Limited and First2Protect Limited to Pivotal Growth Limited, its joint venture with Pollen Street Capital.
The move aligns with LSL’s strategy to focus on business-to-business services and further simplify the Group.
The acquisition will expand Pivotal Growth’s distribution into the estate agency market and provide additional capability in the general insurance market, while LSL will retain the ability to capitalise on direct-to-consumer opportunities through its 47.8% equity share in the joint venture.
David Stewart, LSL chief executive, commented on the sale, saying: “I am pleased to confirm the transfer of Embrace and First2Protect to Pivotal Growth.
“This marks another significant step in our work to simplify the Group, whilst we focus on taking advantage of the exciting opportunities available to us across each of our divisions, including our financial services network business.”
