Nearly 500 redundancies as Lloyds sells Halifax Estate Agents for £1

Some 460 jobs are set to go as a result of Lloyd's sale of its estate agents to LSL for a measly quid.

The losses will stem from the closure of banking counters within 121 of HEA’s 218 branches, and a further 1,000 or so estate agency staff will transfer to LSL when the ‘sale’ is completed early next year.

It’s not much of a surprise that Lloyd’s is getting rid of the business; estate agency is hardly a great money spinner at the moment after all, and it only ended up owning the business after its controversial ‘rescue’ of HBOS last year. The bank also has plenty of bigger fish to fry - like trying to avoid getting involved in the government’s toxic assets scheme, for one. Or as the Lloyds statement on the matter drily puts it ‘an estate agency is no longer integral to [our] business model.’

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