David Newnes, one of the most respected names in estate agency, has announced his retirement.
Widely respected and liked, Newnes, who is director of estate agency at LSL Property Services, has been with the company 35 years. He will be leaving at the end of this year, to follow personal interests outside the property world.
The board of LSL praised Newnes for his “exceptional contribution” to the business, whose estate agency brands include Your Move, Reeds Rains, Marsh & Parsons, and Davis Tate.
He is to be replaced by Adrian Gill as executive director of estate agency on January 1. Gill has been a non-executive director of LSL and was on the board of Connells for ten years before joining LSL.
Newnes has been a key member of the LSL team, through a management buy-out in 2004 – Your Move had been owned by insurance group Aviva (formerly Norwich Union) – and its purchase of Reeds Rains a year later.
He also helped steer the firm through its float on the stock exchange in 2006, which valued the business at £208m.
Today, LSL has a market capitalisation of £312.25m – although its shares, like many others, have had a decidedly bumpy time this year.
Last year, it made pre-tax profits of over £17m.
Newnes said: “I am very pleased and proud to have been part of LSL through the management buy-out and IPO, leading the estate agency team that has driven substantial growth in the business.
“I remain a shareholder in LSL and look forward to the Group’s continued success.
“I am delighted to be handing the role over to Adrian Gill who has a wealth of experience in estate agency.”
Ian Crabb, group chief executive of LSL, said: “David Newnes has been a key member of the management team over many years and has made a substantial contribution to the business.
“We wish him well for the future.
“I am delighted that Adrian is joining the executive team and I am confident that he will make a valuable contribution to our future development and growth plans.”
Comments (3)
I have nothing but respect for David – a great professional and a thoroughly nice person. He even managed to put up with me at RMD meetings. I learned a great deal from David and will always remain grateful for the manner in which he dealt with my departure. We had dinner – I said "Are you going to try and talk me out of leaving?" – David replied "Red or white wine?" Or it may have been a "No" and I am kidding myself. Either way, I wish you well David – You really are a gentleman.
David was my first Area Manager when the small independent I was working for was taken over by GA.
He is a thoroughly 'nice guy' a consummate professional who spent most of his waking hours thinking about how to improve business, he was always in the office long before & long after anyone else.
It was his work ethic that inspired me to open my own agency a few years after he had 'moved up the ladder' and I followed the same ethic until I retired.
I wish David all the very best in his 'retirement' but I very much doubt that he will sit still for long!
David's a scholar and a gent, and potentially even a worse golfer than myself. He's done an amazing amount for Agents Giving as well.