Knight Frank is pressing ahead with plans to expand its new affiliate broker model, announcing its first appointments and signalling further recruitment despite recently entering a redundancy consultation affecting part of its UK workforce.
Last week, Knight Frank confirmed to EYE that a number of UK employees are involved in the consultation, although it has not disclosed how many roles are under review or which parts of the business are affected. It is understood that between 90 and 100 employees could be impacted.
The latest expansion centres on the firm’s affiliate broker model, which allows self-employed brokers to operate independently while remaining under the Knight Frank brand. Brokers are responsible for winning instructions, managing client relationships and building their own businesses, while receiving operational, compliance and marketing support from the company. They are also able to earn referral fees by introducing clients to Knight Frank’s residential and commercial services across its international network.
Knight Frank said it plans to make a number of key appointments as it expands into new London markets, including Putney, Totteridge and Kingston. The growth programme forms part of a wider strategy targeting 36 locations.
The company has also named Simon Boulton, Mark Lee and Mark Ruffell as its first affiliate brokers. Boulton and Lee previously worked from Knight Frank’s Canary Wharf office, which has since become the firm’s City & East London Hub, while Ruffell formerly led the Hyde Park and Southbank offices.
Knight Frank said the brokers have already completed several transactions since joining the new model, including the sale of a four-bedroom penthouse in Butler’s Wharf with a guide price of £6.25m and a three-bedroom apartment in Casson Square guided at £6m.
Rory Penn, head of London residential sales at Knight Frank, said: “This marks a pivotal moment for our London residential business, and we are delighted that Simon, Mark Lee and Mark Ruffell are our first affiliate brokers in London.
“Simon has been a star performer across the prime City and East market for many years with Knight Frank and has engineered some of the City’s landmark residential transactions.
“Mark Lee led our high-volume Canary Wharf office and has an outstanding reputation for transaction execution and client care.
“Mark Ruffell brings a strong track record from his leadership of two Knight Frank offices. Together, they form the foundations for our affiliate broker network.
“Alongside our exceptional local offices, which are fundamental to our business, the new affiliate broker model enables us to grow at pace into new markets. The industry response has been hugely positive, with almost 100 enquiries from prospective affiliate brokers already.
“We’re working closely with our recruitment team to identify best-in-class, entrepreneurial agents to join us”.
