Lloyds sell Halifax estate agency for £1

by Gill Montia

Story link: Lloyds sell Halifax estate agency for £1

Lloyds Banking Group is offloading its Halifax estate agency business to LSL Property Services, for £1.

Acquired as part of the HBOS takeover, the loss-making unit comprises 218 branches.

Two hundred and twenty one of the High Street outlets are also home to Halifax banking counters, the widespread closure of which has already been announced.

Once the transaction is complete, the branches will be rebranded by LSL, which already owns Your Move, Reeds Rains and Intercounty.

The move will make LSL the UK’s second-largest estate agency.

Around 1,050 Lloyds’ employees will be transferred to the new owners and 460 job losses are anticipated as a result of the closure of the Halifax banking counters.

The disposal follows a strategic review of Lloyds’ business, which according to a report in today’s Times could also involve the sale of 200 branches of Lloyds TSB Scotland, to comply with EU competition rules.