BREAKING: LSL reveals ongoing pain of its branch closure programme

first_imgEstate agency giant LSL has revealed the considerable financial carnage wreaked by its decision to close so many Your Move and Reeds Rains branches earlier this year.The company has revealed this morning that revenues at its estate agency business have dropped by 16% so far since its radical closure programme was announced in February, and by a fifth over the past four months.This has dragged its overall group revenue down by 3% since then despite a perky performance by its financial services arm where turnover increased by 1% and very strong results at its surveying arm, where they leapt by 29%.120 branchesThe company is keen to point out how it might have fared if it had not closed, sold off or amalgamated over 120 branches.LSL says is overall revenues would have increased by 5% without the restructure, and that estate agency revenue would have shrunk by only 5%, to be expected given the ongoing economic and political climate.“LSL has delivered a creditable performance in the 10 months to 31st October 2019,” says CEO Ian Crabb.“This performance has been delivered during a period when market activity levels have remained subdued given the continued uncertainty over the UK and global political and economic environment.“LSL’s performance illustrates the benefits of the Group’s diversified strategy and the self-help initiatives being taken to respond to current market conditions.“Until we have greater clarity on the political backdrop, we remain cautious on the market outlook for 2020 and we will continue to monitor market conditions closely.” ian crabb LSL Reed Rains Your Move December 2, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » BREAKING: LSL reveals ongoing pain of its branch closure programme previous nextAgencies & PeopleBREAKING: LSL reveals ongoing pain of its branch closure programmeTen months after it reduced its branch count by over 120 offices, the company is still taking a considerable hit to its revenues.Nigel Lewis2nd December 201902,436 Viewslast_img read more

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