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Lloyds to sell Halifax Estate Agencies for £1

Lloyds Banking Group has revealed it is to sell 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, the parent company of estate agency brands Your Move, Reeds Rains and Intercounty. The agencies will be rebranded to one of the LSL brands in due course.

Lloyds says the move will lead to approximately 1,050 staff transferring to LSL, and in addition it is anticipated that as a result of the counter closures approximately 360 staff will be made redundant.

The bank says the estate agency business has been loss making for some time, and has concluded that an estate agency operation is no longer integral to its business model.

As part of the transaction, there are 121 Halifax banking counters located within the estate agent offices, which 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 that it is better able to grow outside the group with a strong existing player in the market such as LSL Property Services.”
 
LSL Property Services chief executive Simon Embley says: “The purchase of Halifax Estate Agency heralds a significant step forward in the growth of LSL and its associated estate agency businesses.”

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