New boss steps in at Reeds Rains after Favas departure

The managing director of LSL’s Reeds Rains has quit after narrowly failing to chalk up three decades in the role.

Nigel Favas had held the position for over 29 years, but according to his Linked In profile he is now running a business investing in and mentoring start-ups and entrepreneurs.

The new Reeds Rains managing director is Oliver Blake, pictured, who joined from Your Move, where for the last five years he was regional managing director for the South-East.

His career in estate agency spans more than 23 years, during which time he has worked in all areas of the property market including estate agency, lettings and financial services.

Blake said: “It’s a great honour to take on this new role and I am very much looking forward to applying the industry knowledge I have acquired over the years to drive Reeds Rains forward.”

David Newnes, CEO of estate agency for LSL, parent company of both Reeds Rains and Your Move, said: “I am delighted to announce this appointment and feel that Oliver is perfectly placed to take on this role, having shown such strong leadership within Your Move.

“Whilst both agencies come under the LSL umbrella, both work autonomously within the marketplace and this will continue with Oliver simply applying his skills to a different agency.

“I would like to wish Nigel all the very best in the future and thank him for his support and dedication as managing director over the years and, of course, for laying such strong foundations on which Oliver, I feel confident, will successfully build.”

North-based Reeds Rains was bought by Your Move in 2005 when parent company LSL was formed. Reeds Rains, founded in 1868, has since launched into franchising.

Last August, LSL announced a pre-tax loss of £7.9m for the first half of the year. Separately, it said it would be shutting offices, mainly in the north.

The new Reeds Rains boss takes over a business with 175 branches, after 17 closures since last August. Last year as a whole, however, LSL opened 13 new offices.  

LSL’s half-year losses in 2012 came about after the group had to set aside £17.3m against claims in its surveying business, e.surv.

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