LSL brands Your Move and Reeds Rains yesterday evening announced the completion of a 39-branch franchise agreement with existing Reeds Rains franchisee Nigel Favas plus LSL’s former estate agency boss David Newnes.

The formal announcement confirms the story carried by EYE last week about the deal.

Newnes was until his departure in 2014 the executive director of LSL’s estate agency businesses. Favas was previously managing director of Reeds Rains, and already operates seven Reeds Rains franchises in Belfast.

The formal announcement follows LSL’s announcement on February 5 of a restructure of the Your Move and Reeds Rains estate agency branch networks, creating a reduced network of 144 ‘keystone’ branches.

The restructure has been “through the implementation of a series of measures, including the franchising of existing branches in locations which geographically did not align with the proposed network of keystone branches but which offered positive business opportunities to existing successful franchisees”.

Favas and Newnes will now be operating a new franchise business. As EYE reported, the pair have registered a new business at Companies House called National Home Move.

Favas and Newnes will now operate a total of 39 Your Move and Reeds Rains branded branches in locations across the UK.

The statement said that due to the size of the franchise business, the pair have also appointed an experienced team of managers to run the business alongside them – all come from within Your Move and Reeds Rains.

While the total number of Your Move and Reeds Rains branches has reduced, the number of franchised branches has increased from 96 to 135.

Helen Buck, LSL’s executive director for estate agency, said: “We are delighted that, as part of our planned changes, we have been able to complete the franchise agreement with Nigel and David which builds on their long association with LSL.

“We look forward to continuing to work with them – and their teams – in the future.”

Newnes said: “I have continued to maintain a strong interest in both the Your Move and Reeds Rains brands and saw the chance to join Nigel as a franchisee as an opportunity to expand on this.

“I am hugely excited about the future and about being part of the Your Move and Reeds Rains franchise community.”

Favas added: “I am very much looking forward to working with David again and to building on my experience of being a Reeds Rains franchisee in Northern Ireland. This is a great opportunity and one we intend to fully embrace.”