The Property Franchise Group (LSE:TPFG) completed the acquisition of a 25% equity interest in Meridian HoldCo, the parent of Legal & General Surveying Services, for total cash consideration of £2.5m to extend TPFG's platform into residential surveying.
LGSS, a UK residential surveying business providing valuation, panel management, survey and assisted AVM services to bank, building society and specialist lender clients, generated revenue of £43.68m and profit before tax of £0.04m for the year ended 31 December 2024 and was carved out of Legal & General through Meridian in 2025.
The £2.5m was paid on completion and funded from the Group's existing cash resources, and TPFG said the investment is expected to make a modest contribution to FY26 reflecting part‑year ownership and to be earnings‑enhancing on a full‑year basis thereafter.
The transaction was a cash purchase of a minority equity stake rather than a placing, open offer, subscription or convertible issue.
"Residential surveying is a natural adjacency to our franchise and financial services divisions, and this investment further strengthens TPFG's participation in the mortgage value chain while maintaining our strong balance sheet position," Gareth Samples, Chief Executive Officer, said in the company announcement.
