LSL, the parent company of estate agency giants Reeds Rains and Your Move, has revealed the extent of its expansion this year.

Four new territories, including two new franchisees, were announced in an update to the City ahead of yesterday’s AGM.

LSL has 62 estate agency franchisees operating in 310 territories, making it one of the biggest providers of franchise services in the UK just a few years after moving to this model from a traditional ‘directly managed’ approach.

The new territories are Shrewsbury, Oundle in Northamptonshire, Shirley in Solihull and Harleston in Norfolk.

Roll-out

The group said it supported franchisees in the purchase of three further lettings books in the period to the end of April, following three last year.

The roll-out of a replacement CRM system in the financial services division is also underway.

Whopping

In March, it released its full-year results to the City with Group operating profit up a whopping 484% to £21.9 million.

The group said its performance was a result of the successful completion of its restructuring programmes in 2023, when it turned its entire estate agency network into franchises.

Transforming

After transforming its operating model in 2023 by switching all of its estate agency branches to franchises, it also launched a new ‘hybrid associate model’ for self-employed agents.

Former CEO David Stewart, who took up the reins in 2020, stood down on 1 May to be replaced by former CFO Adam Castleton.

Earlier this month, the group announced a bumper share package for directors and senior executives.