Halifax Estate Agents to be sold for £1

In our area there is both Your Move (not franchise) and Halifax franchise. Neither make a profit, so perhaps they would both be best closed.

I had to laugh at LSL saying they think Halifax lost money because they used the agencies just to get mortgages. Is that not exactly what LSL does?

• 20 October 2009 19:33 PM

I am shocked and upset that we are sold, i have been loyal to the Halifax and would have liked the option to continue to work for the bank as lloyds. But i have had no choice, very upset, have given a lot.

• 17 October 2009 23:12 PM

Very sad and a real waste..far too much time spent on paperwork and CYA,risk and rubbish... clear revues er..? whole organisation became un-entreprenurial[?!] with too much middle management..don't know if LSL will want to pay branch managers 40k plus basic salaries though for some pretty inefective managers

• 17 October 2009 15:48 PM

Which agent did they use to sell? asking price £10million, agreed price £1. Hope it was a fixed fee not a % fee !!!!!!

• 17 October 2009 11:56 AM

Oh dear yet another big corporate! long live the independants...........

• 16 October 2009 20:36 PM

For LSLs sake they best do a tad better than Spicers did to the Woolwich, the top profit office closed down in a very short time.

• 16 October 2009 15:14 PM

I was basically waiting for this news since Lloyds took over. The only way for this to work is to basically do the same as Spicerhaart when they took over Woolwich, the only difference is they did it in a good market. I cant believe there will be only 460 lay offs, this has basically been quoted to keep all present staff believing they are safe. If the deal happens in January it will take months to sort out.
Where there is a Your move etc branch already, Halifax will close, how it will work with a franchise branch only time will tell, they could keep the branch running under one of their other different estate agency brands but it doesnt make sense in this market to have a brand that is not known in an area. Non performing offices will close. Vendors and Landlords will start calling in other agencies. January could be bleak. The owner states they will pull it around next year i cant see it. Spicerhaart had the backing of an insurance giant that pulled out when endowments ceased and bought the business for £1.00 plus darlows. £60,000 minimum a branch was spent by this insurance company.
This move will benefit all other independent agencies out there Halifax in their time were a big player, a new agency name will take time to cement its place into an area. Bairstow Eves would not buy! and i cant see anyone else taking the risk. Take into account that alot of the profits made at Halifax were from mortgage business whether by enticing vendors or signing up buyers and they did offer the best deals. This new estate agency chain will be on its own.

• 16 October 2009 13:59 PM

"Any negative comments on this article will just show a lack of knowledge. I look forward to working with LSL and thank God its not countrywide!" Hypocrite!!!

• 16 October 2009 13:55 PM

It is reported that this involves a £22 million reverse premium to LSL. Darn! For that sort of deal I would have given them £2 for it. Oh well, their loss.

• 16 October 2009 13:43 PM

LSL will need to use their deep pockets for this deal to work. The biggest benefits to them will be through their surveying arm which has a very low cost base. Trying to get the estate agency side to make money will be the biggest challenge for them as they found out with their exisitng Esate Agency Operation which lost £8m in 2008 -2009 (if my memory serves me correctly).

• 16 October 2009 13:06 PM

Gosh, the value of the pound is lower than I thought it was! Isn't this history repeating itself when another large Estate Agency Multiple was sold for £1 in a previous recession.

• 16 October 2009 12:19 PM

what happens to the franchisees??

• 16 October 2009 11:51 AM

Another of the big boy's get's bailed out !!! It just goes to show that corproates don't work. You can't beat a good local agent with local knowledge, profesionalism and respect fo the community we serve. Here's to the indepenent's 100%. J Paul Rees

• 16 October 2009 11:37 AM

I once worked for HPS in the good old days when they were proper estate agents. When the bank took over they had a 5 year plan, which was to get rid of all the people who actually knew about estate agency and in turn allow the bankers to run the show. I bet they didn't see this one coming.........

• 16 October 2009 11:25 AM

this is a great situation for both LSL and most of HEA. HEA has in the past been a very strong and very profitable company, but like most agents lost a lot last year and basically now does not fit in with Lloyds. I own a halifax franchise and i am delighted. Any negative comments on this article will just show a lack of knowledge. I look forward to working with LSL and thank God its not countrywide!

• 16 October 2009 11:18 AM

Whilst in Palma airport recently, I was charged 2euro (almost £2) for a banana, which seems cheap now!!

• 16 October 2009 10:58 AM

Price is only a headline and if Halifax business is losing money month on month then as soon as deal done, their bottom line and cashflow improves.

Interestingly no mention of Halifax survey and valuation business/work. I am sure LSL will have built this into deal and this could be a huge earner as part of E-Surv stable.

Always lots of grief integrating businesses/cultures but this looks like a winner for LSL to me

• 16 October 2009 10:48 AM

I suprised they found somone mad enough to buy it, even for £1!!

• 16 October 2009 10:34 AM

I once worked for HPS - £1? That's quite expensive.

• 16 October 2009 10:31 AM

Which agent did they use to sell? asking price £10million, agreed price £1. Would not mind buying some other businesses from them.

• 16 October 2009 10:23 AM

For those old enough, HH&J Robinson will spinning in their graves up in Merseyside!

• 16 October 2009 10:18 AM