Lloyds group to sell Halifax Estate Agency for £1
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Lloyds Banking Group has reached an agreement in principle to sell Hali fax Estate Agency for £1 to LSL Property Services, the parent company of E.surv, Your Move, Reeds Rains and Intercounty.
The transaction is expected to complete next January but will not include the Halifax brand.
The decision to sell the estate agency business, which has been loss-making for some time, follows a strategic review undertaken by the banking giant which concluded that an estate agency operation was no longer integral to its business model.
It is anticipated that around 1,050 estate agency staff will transfer to the new owner on completion of the sale.
In time, Halifax Estate Agency offices will be rebranded as Your Move, Reeds Rains or Intercounty.
As a result of the closure of Halifax banking counters in agency branches up to 460 employees are expected to be affected, with the loss of around 360 full-time roles.
David Nicholson, managing director of Halifax Community Bank, says: “Halifax Estate Agency is an established business and following a review we believe it will be better able to grow outside the group with a strong player such as LSL Property Services.
“The Halifax brand is one of the strongest on the high street and remains important. Bank branches will continue to operate on the high street in England and Wales alongside Lloyds TSB branches. We remain focussed on growing and developing the Halifax business.”
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