David Newnes Retires from LSL
Tue 30 Sep 2014
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
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."