LSL estate agencies deal approved
woensdag, 9 december 2009
Yorkshire group LSL Property Services' move to buy Halifax Estate Agencies Limited (HEAL) from banking giant Lloyds for £1 has been approved after 99% of shareholders voted for the deal.
The York-based firms' deal, which was approved during a general meeting on Tuesday, makes it the second largest estate agency in the UK.
Under the new agreement, the group which already owns the Your Move, Reeds Rains and InterCounty brands will be adding 218 estate agency branches of the HEAL.
HEAL has 1,050 employees, 93 franchises and had net assets of £38.4 million on December 31, 2008.
LSL said when the deal is completed in January it will include a minimum £22.2 million cash to cover restructuring and rebranding costs. The acquisition is scheduled to take place on January 15.
Lloyds Banking Group said 121 Halifax banking counters in estate agency branches will be closed and 360 people will lose their jobs when the loss-making business will be sold.
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