Adrian Gill, whose departure from LSL was announced last week, is to join Romans and Leaders as group managing director.

Gill is currently the executive director in charge of estate agency at LSL, the parent company of Your Move, Reeds Rains and Marsh Parsons and the LSLi companies.

As things stand, Gill will not be able to start in his new role until next January, with LSL insisting that he will serve his notice and carry on his existing responsibilities.

However, last week the newly merged Romans and Leaders – whose group name is Property Services Holdings – announced his appointment.

It did not specify when Gill would be joining.

The joint chief executives of Property Services Holdings, Paul Weller (Leaders) and Peter Coles (Romans), said: “We are delighted that Adrian has agreed to join our team.

“We are pleased that someone of his calibre sees the great opportunities open to this business as we embark on the next phase of our growth. Adrian brings a wealth of experience and contacts.

“These will be invaluable to our buy and build strategy which aims to acquire quality lettings and estate agency businesses to add to Romans’ and Leaders’ branch networks.”

Bowmark Capital, which backs both Romans and Leaders, executed the merger last month, creating a group with more than 140 branches and combined revenues of over £100m.

Bowmark says on its website that it specialises in companies worth up to £150m. The merged group would be worth well in excess of this.

The appointment of Gill, who is a chartered accountant rather than an estate agent, triggers speculation as to whether the group will be sold – possibly to another venture capital group – or floated on the stock market.

There is also speculation it could be sold to another estate agency, but the scale of the business could make it too expensive for any trade sale, even to the likes of Countrywide.

Should Bowmark seek an exit, it looks as though it will do handsomely out of its £48m backing of Leaders’ management buy-out in 2010, and its £50m backing of Romans’ management buy-out in 2013.

Industry analysts said at the weekend that the announcement of Gill’s appointment to Leaders and Romans looks like a challenge to LSL that may result in an earlier release, but also sends out a message to the market.