Business
LSL FRANCHISES ESTATE AGENCY NETWORK
LSL FRANCHISES ESTATE AGENCY NETWORK.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n\n 4 May 2023\nLSL Property Services plc (\"LSL\" or \"Group\")\nSIGNIFICANT STRATEGIC MILESTONE IN TRANSITION TO B2B SERVICES GROUP\nLSL FRANCHISES ESTATE AGENCY NETWORK\nLSL announces today that its entire owned estate agency network of 183 branches will become franchises. Long-term franchise agreements have been reached for 143 of its branches with agreements for the remaining 40 branches at an advanced stage. Following completion of these agreements, LSL will become one of the largest providers of estate agency franchise services in the UK, supplying services to a network of just over 300 branches.\nThis milestone announcement completes a significant programme of work initiated following a detailed strategic review of our estate agency business and marks a further significant step taken to simplify the Group and focus its activities on business-to-business services.\nThe resultant business is well-placed to deliver Group margins that are structurally higher than the Group has delivered historically.\nRationale\nOperating a franchise network offers significant advantages, including:\n· A higher-margin business with a significantly smaller fixed cost base, resulting in improved and substantially less volatile earnings through housing market cycles\n· The continued ...