Employees at the LSL brands of Your Move and Reeds Rains are this afternoon being offered £24,000 interest-free loans by The Property Franchise Group – if they agree to open EweMove franchises.
There would be no franchise fee to pay.
EweMove is the online/hybrid brand of TPFG, which also has well known high street businesses, including Martin & Co, which operate UK wide out of over 300 offices.
Ian Wilson, CEO of The Property Franchise Group, said: “The loan is plc-backed, and is available to any of the LSL employees caught up in the current turn of events.
“The loan would cover all their business costs for six months or so, and of course EweMove operates on a no sale, no fee basis, so after that, there should be money coming in.”
He said the offer, exclusive to Your Move and Reeds Rains staff caught up in the programme of branch closures and redundancies, has the full backing of TPFG’s board.
Wilson said: “We just wanted to put something on the table that people in this awful situation might like to consider.”
Under the terms of the loan, nothing at all is repayable for the first six months. After that, equal payments are payable over the remainder of the five year term of the franchise agreement.
Nick Neill, managing director (or head shepherd) of EweMove, said: “We’re genuinely sad that people’s livelihoods are at risk, but we believe we’ve come up with something extraordinary which will provide them with a great option to keep doing what they love.“
“Thanks to the backing of The Property Franchise Group we have created a package for those hit by the closures. It includes a free franchise, worth £1,995 and the option of an interest free business start-up loan.
“Never before has such a substantial financial package been available for any franchised brand operation. But we live in changing times and we believe in acting quickly and decisively.”