Estate agent LSL axes 124 branches in shake up that is feared will mean some 500 job losses
Estate agent LSL will close 124 branches and cut hundreds of jobs in a huge shake-up of its main brands.
The number of Your Move and Reeds Rains branches will fall from 404 to 280.
Between two to six people are thought to work in each branch, meaning around 500 jobs could go.
Estate agent LSL will close 124 branches and cut hundreds of jobs in a huge shake-up of its main brands. The number of Your Move and Reeds Rains branches will fall from 404 to 280
Forty-three sites will close and 40 or so will be franchised out. The operations of around 81 neighbouring branches will be closed or merged to create a network of bigger offices.
LSL said these sites will be branded as either Your Move or Reeds Rains and will ‘generally have larger teams of dedicated experts in residential sales, lettings and financial services roles than the average Your Move and Reeds Rains branches have’.
It fired the starting gun on the overhaul of its structure in the second half of 2017.
Consultations with staff are expected to be completed by the summer.
There are no planned changes to its other brands – Marsh & Parsons and LSLi Estate Agency.
LSL said it will spend around £15m on the process and will put £1m towards setting up a new IT and telephone system.
It is still cautious on the outlook for the housing market in 2019, after flagging up concerns about consumer confidence and the UK’s political environment last month.
At the end of 2018 the property market was at its weakest level since 2012, the Royal Institution of Chartered Surveyors warned.
Brexit uncertainty and fears the market could slow further put buyers off moving. LSL shares rose 0.4 per cent, or 2p, to 242p.