Scottish billionaire Brian Souter has sold his controlling stake in property data business OneSearch Direct to Landmark Information Group, which is owned by Daily Mail and General Trust.
According to a report by Insider.co.uk, Souter Investments, the billionaire’s family office, has owned a stake in the Glasgow-based OneSearch Direct since 2007. The financial terms of the deal were not disclosed.
OneSearch is a leading property information company, providing the conveyancing search reports that play a key role in property transactions. OneSearch, which was founded in 2002, offers a one-stop-shop solution where solicitors, estate agents and other interested parties can order a wide range of searches for transactions in England and Wales through a fast, accurate, simple-to-use web ordering facility.
OneSearch has been led by Liz Jarvis – its managing director, chairman Marcus Noble and finance director Stuart Mitchell.
In a press statement, Jarvis said Souter’s support and investment in the company over the years has been instrumental to the company’s success.
“It has been fantastic to have had the backing of Souter Investments over the years. Their unwavering support for our data-led approach to innovation has allowed OneSearch to thrive in the local search data market. Our partnership has played an integral part in the growth of OneSearch, and we are proud that Souter Investments’ belief in our potential and vision is now shared with Landmark. This transition is a significant step in our journey, as we look to effect real change in the home buying process, and we are delighted that Souter Investments has played a part in it,” Jarvis said.
Souter Investments has had a few other exits this year. Earlier this year it sold off its stakes in Mobius Life, bus maker Alexander Dennis, and Howick & Eastern Buses and Mana Coach Services.
The family office has also been making new investments. It recently announced a new investment in IT firm Stone Computers, and earlier in the year acquired stakes in DivideBuy and Eaton Gate Insurance. It also invested in Coretrax, Ashtead, Payen and East Lothian Developments.
Souter, 65, co-founded the Stagecoach Group with his sister, Ann Gloag in 1980 and they built it into one of the largest transport groups in the United Kingdom.