LSL chair David Barral has left the role with immediate effect less than a year after being appointed.
Barral, who was the former chair of Aviva UK, replaced veteran Bill Shannon at a time when the company announced that its entire estate agency network of 183 branches would become franchises.
The announcement that he would take over as non-executive chair was in April last year, and it was quickly followed in May by the news that LSL was franchising out all its branches.
Immediate effect
The parent company of Reeds Rains and Your Move said in a statement to the City: “LSL announces that David Barral, Non Executive Chair, has left the Board with immediate effect.
“Darrell Evans, independent Non Executive Director and Chair of the Remuneration Committee, will assume the role of Interim Non-Executive Chair. The Board will now commence a search for a new Chair.”
And a LSL spokesperson said the company would not comment any further on the reasons for Barral’s departure.
Positive results
Earlier this month, the group reported positive end of year results to the City, with a strong balance sheet – net cash sitting at £34.9 million – and its estate agency division performing ahead of plan for both revenue and profits.
It has 61 estate agency franchisees operating in 306 territories making it one of the biggest providers of estate agency franchise services in the UK. It is also one of the UK’s largest providers of surveying and valuation services, supplying seven out of the 10 largest lenders in the UK.
Acquisition
LSL is one of the main providers of services to mortgage intermediaries and estate agent franchisees with nearly 3,000 advisers representing around 11% of the total purchase and remortgage market.
Last August, it announced the acquisition of the TenetLime mortgage network.