LNT Group sells off valuation operation

LNT Group, the portfolio of companies run by Yorkshire entrepreneur Lawrence Tomlinson, has sold its business valuations firm.

Garforth-based LNT sold Taylors Business Surveyors and Valuers (TBSV) – one half of GLP Taylors – to its management team for an undisclosed sum.

The deal came about because Mr Tomlinson, the chairman of LNT, decided that there was a potential conflict of interest within the group. LNT has re-entered the care home market with Ideal Care Homes and TBSV's work includes valuing care homes.

Hide Ad
Hide Ad

Mr Tomlinson said: "I am delighted the TBSV management team will continue to run the business as an independent valuations practice and I have no doubt the company will retain its excellent reputation within the sector. LNT Group will continue to develop and grow its core businesses."

TBSV, which turned over 2.25m according to its last published accounts and whose main boards members are Rob Bower, Chris Mitchell, Andrew Lait and David Hayton, will continue to trade from its existing Rugby office during the transition period.

LNT also plans to sell GLP, the agency arm of GLP Taylors, for the same reasons, over the next few months.

Mr Tomlinson is one of Yorkshire's leading entrepreneurs. He set up Ideal in the summer after previously selling the Orchard care home operation for 175m three years ago.

Hide Ad
Hide Ad

He hopes to transform the market with Ideal's innovative business model, which means residents do not have to drain their savings to pay for the cost of their stay.

The new provider will have more than 650 beds in operation by June.

Last year LNT won 67m of funding from three banks to develop its "no top-ups" model.

Related topics: