LSL results show franchise business gamble ‘worth it’

The owner of Reeds Rains and Your Move reports improved profit results today with a strong start to the year.

A mobile phone with LSL letters in front of a computer screen showing stock value.

LSL has issued another positive report to the City with its profit figures ahead of the previous two years.

The parent company of Reeds Rains and Your Move made the dramatic decision last summer that its entire estate agency network of 183 branches would become franchises.

The shift in business model seems to have paid dividends with positive results so far, less than 12 months after the move.

Immediate effect
David Barral

Group chair David Barral left the role with immediate effect last month less than a year after being appointed, and the group said it is searching for a successor.

Profit over the first two months of the year was around £1 million compared to losses of £1.5 million and £2 million for the same period in 2023 and 2022.

Underlying profit was £7.5 million ahead of the same period last year, and around £2.5m above 2022, reflecting strong trading in the surveying and valuation division.

Momentum

“Following a positive final quarter in 2023, momentum has increased at the start of the new financial year with positive activity levels across the Group,” the company said.

LSL has 61 estate agency franchisees operating in 306 territories making it one of the largest estate agency franchise groups in the UK.

It is also one of the largest providers of surveying and valuation services, supplying seven out of the 10 largest lenders.

Its 2,800 advisers represent around 11% of the total mortgage market.

No regrets for LSL as it powers ahead with franchise model


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