Lloyds Banking Group is selling its 218 Halifax Estate Agencies for £1 to LSL Property Services.
Halifax Estate Agencies which includes 93 franchise operations is to be sold to LSL in January 2010. LSL is the parent company of estate agency brands Your Move, Reeds Rains and Intercounty and the Halifax agencies will be rebranded to one of the LSL brands in due course.
Lloyds says the move will lead to around 1,050 staff transferring to LSL and as a result of counter closures about 360 staff will be made redundant.
The bank says the estate agency business has been making a loss for some time and has concluded that an estate agency operation is no longer integral to its business model.
As part of the transaction, the 121 Halifax banking counters located within the estate agent offices will close early in the new year. The bank says the vast majority of these locations have either a Halifax or Lloyds TSB branch within one mile.
Halifax Community Bank managing director David Nicholson says: “Halifax Estate Agency is a well established business and, following a strategic review, we believe it is better able to grow outside the group with a strong existing player in the market such as LSL Property Services.”