Lloyds Banking Group agrees sale of Halifax estate agency

| October 16, 2009 | 0 Comments

More than 400 jobs could be lost after Lloyds Banking Group has agreed to sell its Halifax estate agency business to LSL Property Services for £1.

It is expected that the sale will result in the closure of 121 Halifax banking counters located in estate agents.

More than 1,000 employees will be transferred to LSL after completion of the sale but up to 460 jobs are under threat - which include 360 full time positions.

The banking giant said that the decision came after a strategic review as part of the process of integrating HBOS “which concluded that an estate agency operation is no longer integral to its business model”.

Lloyds Banking Group, which is 43% state-owned, has shed around 7,500 jobs so far this year.

However, the bank did stress that compulsory redundancies would be a “last resort“.

The Halifax brand will not be part of the sale. The branches will be re-branded as one of LSL’s existing brands - Your Move, Reeds Rains or InterCounty - which will make LSL the second largest estate agency network in the UK.

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