LSL’s transition from being a largely owned agency network to individual franchises is effectively complete.

The company – which owns the Your Move and Reeds Rain brands – says such a move will allow it to become a business-to-business services provider, with a much smaller cost base and significantly less exposure to housing market cycles. This process would also complement LSL’s transition to being a more financial services focused company.

A progress report on the transition, released this week to shareholders, says that it has now agreed contracts with the remaining 40 branches to become franchises, of which 37 have now completed and the remaining few are expected to complete during this month, June.

Following completion of these agreements, LSL is now one of the largest providers of estate agency franchise services in the UK, supplying services to a network of just over 300 branches.

David Stewart, group chief executive, says: “I’m pleased to confirm completion of our programme to franchise our estate agency network. The new franchisees are experienced estate agents and I am sure they will ensure these branches go from strength to strength. I wish them every success.”