Specialist firm Templeton LPA under new ownership
19 February 2010
A SPECIALIST practice of chartered surveyors has been acquired in a move it says will help further develop the business.
LSL Property Services has taken over Cardiff-headquartered Templeton LPA, which also has an office in Leeds, for an undisclosed sum. Templeton, is a market leader in its field, offering Law of Property Act (LPA) receivership services to lenders with defaulting borrowers on buy-to-let mortgages. The firm operates across the UK and clients include leading mortgage lenders.
LSL, is a residential property specialist and is Britain’s second largest estate agency group with 584 branches, as well as being the UK’s largest residential lettings agent. It owns the Your Move, Reeds Rains and e.surv brands.
LPA receivers are appointed by buy-to-let lenders where the borrower has defaulted on the mortgage and recovery is sought. The process enables tenants to remain in their homes, with the LPA receiver managing the property on behalf of the lender.
South Wales accountants BPU have been closely connected with Templeton, with BPU director Peter Umbleja a director and shareholder of Templeton, having helped launch the specialist firm in 2008.
The Cardiff operation of Templeton employs 28 at its Castlebridge offices. LSL said it is committed to “developing the business”, promising that no jobs are at risk and said the 36 staff of Templeton in Cardiff and Leeds will continue to operate on a “business-as-usual” basis.
Peter Umbleja said: “I am delighted that this deal has been completed and that Templeton is now part of one of the UK’s leading property groups.”
Cardiff commercial lawyers M&A acted for the vendors.
Beverley Jones, of M&A, said: “This deal marks the start of an exciting new chapter for the management team in their development of Templeton and we are delighted to have been part of it.”
LSL said the acquisition strengthens its objective to provide a full and comprehensive range of residential property-related services. The Templeton acquisition means it can provide lettings management and property disposal services to lenders across all of their product range.
Templeton LPA becomes a wholly-owned subsidiary of First Complete and will continue to operate independently of LSL Corporate Client Department through its two offices.
Ray Hugill and David Burgess, who are directors of Templeton LPA, will remain in their positions, together with finance director Geoff Davies.
David Brown, commercial director of LSL Property Services, said: “The acquisition of Templeton LPA provides a further enhancement to the range of services we provide.”
Article published on Feb 17 2010 by Aled Blake, Western Mail
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