One of the largest players in the Home Information Pack industry, LMS, is reported in Inside Reporter to have gone into Administration as well as being the subject of a management ‘buy out’.
LMS had prior to and during the HIP regime become one of the largest conveyancing panel managers in the country.
Insider Media reported on Friday that:
“About 100 jobs have been secured at Ellesmere Port conveyancer LMS Holdings after the business was bought out of administration.
It is stated that LMS has experienced a “difficult trading environment which led to a financial restructuring”.
LMS Group Holdings, which is based at Cheshire Oaks Business Park, reported sales of £54m in the year to 31 March 2009 and a pre-tax loss of £3m.
Although no one is making a direct connection it seems that the sudden and wholly unnecessary complete withdrawal of Home Information Packs in May 2010 seem to have had some bearing on the fate of this business.
Morgan Jones and Pett are solicitors who provide legal advice and services to clients based in England and Wales and who can be contacted on 01603877000 or via email at email@example.com