Lloyds sells Halifax estate agencies for £1 to Your Move owner

Published 16th Oct 2009

The Halifax estate agency offices will be rebranded as Your Move, Reeds Rain or Intercounty

Lloyds Banking Group has sold its Halifax estate agencies for £1 to the owner of the Your Move sales and lettings business, with the loss of up to 460 jobs.

The disposal forms part of the bank's efforts to clean up its operations following the takeover of HBOS a year ago. The operation is one of the last estate agencies owned by a banking group.

Lloyds is selling the loss-making business, which operates 218 offices, including 93 franchise operations, to LSL Property Services. LSL is the parent company of estate agency brands Your Move, Reeds Rains and Intercounty.

As part of the deal, 121 Halifax banking counters located within the estate agents' offices will close early in the New Year. The counter closures will result in up to 460 job losses, including 360 full-time roles. About 1,050 staff will transfer to LSL. Lloyds said it was in talks with its unions about the changes, and added compulsory redundancies among counter staff would be a "last resort".

Ged Nichols, general secretary of union Accord, said: "We will be having early meetings with LSL to discuss their plans for the business and employees' terms and conditions so that we can provide maximum support for Accord members who will be transferring to LSL's employment.

"We have also made our view clear to Lloyds that the staff who currently work in the 121 branches with banking counters should have the opportunity to transfer to nearby bank branches. We believe that there is no need for compulsory redundancies."

The Halifax brand is not included in the sale. The Halifax estate agency offices will be rebranded as Your Move, Reeds Rain or Intercounty.

The deal makes LSL - until now the third-largest - the second-biggest estate agency operation in Britain. It was created after Your Move was bought out of Norwich Union in 2004. Its Your Move operation has 300 branches, and it also owns surveyors Chancellors and Barnwoods.

Simon Embley, LSL's chief executive, said: "The purchase of Halifax Estate Agency heralds a significant step forward in the growth of LSL and its associated estate agency businesses. We now look forward to embracing the opportunities that this move presents to us and, at the same time, ensure the high standards and reputation HEA are renowned for are maintained and built upon in the future."

Lloyds said the Halifax bank branch network was not affected by the deal, and reaffirmed its commitment to the brand.

It said all customers affected by the counter closures would receive a letter informing them of the changes and letting them know about alternative banking facilities in their area. The vast majority of these locations have either a Halifax or Lloyds TSB branch within one mile.

David Nicholson, managing director of Halifax Community Bank, said: "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."

Source: ' 'Guardian' '

View All Latest News