The Property Franchise Group (TPFG) has agreed a deal to purchase the Fine and Country chain.

According to Sky News, TPFG will announce to the stock exchange as early as today that it has acquired Fine and Country and the Guild of Property Property Professionals.

The transaction will create a network of roughly 1,800 lettings and estate agents in the UK and overseas.

TPFG is said to be paying approximately £15m for the two assets, which operate through a licensing model.

They are being acquired from Nurtur, a provider of technology and communications to the residential property industry.

It will be the latest deal struck by TPFG, which recently purchased the franchise group Belvoir.

The company has a market value of more than £250m and has rapidly scaled to become one of the sector’s leading players.

This is the latest in a long line of high-profile acquisitions.

French banking giant BNP Paribas is currently seeking a buyer for Strutt & Parker, Lomond Group is being prepared for auction by owner LDC, while Foxtons is also the subject of growing takeover speculation.