Two of Britain's largest agency groups have sold their stakes in a property search firm.
Both LSL and Connells have announced the sale of their holdings in TM Group (UK) Limited.
Connells sold its 64.6 per cent stake for £58.7m, while the sale of LSL’s 32.3 per cent stake bagged £29.3m.
Connells chief executive David Livesey says: “We are proud of the business that we built and which is set for further development under the ownership of Dye & Durham. They are the ideal acquirer for TM, enabling it to evolve as part of a global operation and providing a good fit alongside the stable of specialist businesses that they are assembling.
“We are excited for the future of TM Group, wishing the team ongoing success, and look forward to continuing our partnership with them as customers for the long term.”
Meanwhile LSL Property Services, which operates a network of 226 owned and 130 franchised estate agency branches, has sold its interest for just over £29m.
In May LSL, which operates brands including Your Move, Reeds Rains and Marsh & Parsons, also sold its investment in conveyancing firm LMS.
It says the latest move is “simplifying the group structure, providing additional capital for deployment into opportunities to accelerate the group’s growth strategy, in particular Financial Services.”
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What about Connell's stake? 'Connells Group today announces it has sold its 64.68% shareholding in property search and conveyancing services provider TM Group (UK) Limited'.
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