LSL Property Services Plc, whose brands include Reeds Rains, Your Move and Marsh & Parsons, have today announced a major restructuring programme which will see 124 branches disappear.
The company said that as well as branch closures and mergers there will be restructuring to create larger ‘keystone’ branches in core locations. The ambition for these keystone branches is to create a platform that will benefit from their larger scale. The restructuring will also mean more branches will be operated on a franchise basis.
The planned changes apply only to Your Move and Reeds Rains branch networks. There are no planned changes to the LSLi Estate Agency subsidiaries and London-based Marsh & Parsons, where it is planned to expand the branch network.
In making the announcement the company commented: “We continue to believe that traditional estate agents will represent the substantial majority of the residential sales and lettings markets for the foreseeable future and that our estate agency branches will continue to remain core to providing the service our customers expect.
“The changes we are announcing today will better position Your Move and Reeds Rains as two leading estate agency brands in the UK. We will continue to support these branches and our people to maintain their brand presence and well established local market positions in the future.”
Restructuring always sounds better of course, but by any measure this is rationalisation. It seems to suggest LSL see the traditional estate and lettings agency business in the UK as being smaller and leaner for some years going forward.