Lloyds to sell Halifax estate agents chain
Lloyds Banking Group is trying to jettison its Halifax estate agents chain, as it seeks to extricate itself from poorly performing businesses.
For sale: Lloyds wants to get rid of the failing Halifax estate agents chain
Most other banks got out of estate agency long ago, and the downturn in the housing market is thought to have pushed the division deep into the red.
At its peak in the late 1990s, Halifax Estate Agencies had more than 600 branches. It now has just 218 across the UK, including 93 which operate as a franchise.
However it is still the fifth or sixth largest estate agency network in a sector which has been ravaged by the recession.
Lloyds, Britain's largest mortgage lender, is in talks to 'sell' the division to LSL Property Services. LSL's estate agency brands include Your Move, Reed Rains and Intercounty. It is unlikely to receive more than a token amount of cash and may be forced to make a writedown in its accounts.
LSL, the third largest estate agent in the UK, said it was in discussions 'which may or may not' lead to the acquisition of the Halifax division. Lloyds fell 1.89p to 89.72p.
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