The Property Franchise Group (TPFG) has approached Hunters about a potential takeover deal.
Sky News, which broke the news last night, says that Hunters, chaired by Tory MP Kevin Hollinrake, is in early-stage talks with TPFG about a deal.
TPFG is hoping to add Hunters, which has more than 200 branches across the country, to its portfolio of high-profile chains, which includes Ellis & Co, EweMove, Martin & Co and Parkers.
In market capitalisation terms, TPFG is more than double the size of Hunters, which is worth just under £20m.
Further details of TPFG’s proposed bid for Hunters, founded in 1992 by Hollinrake, including an offer price, are unclear at this stage.
Both companies are expected to make separate stock exchange announcements on Friday morning.
Glynis Frew, chief executive of Hunters, told Sky News: “As a leading national estate agency group with significant growth ambitions, it is routine for Hunters to consider new opportunities on an ongoing basis, any number of which may or may not come to fruition.
“In addition to this opportunity presented to us by The Property Franchise Group plc, we are soon to launch the SKIPA technology platform, which we believe is an industry disruptor that will further drive efficiency and improve customer service across the business.”
PFG has had various issues this year with a branch in Scotland being accused of wrongdoing last week and another branch going belly up with a pot of client money. Their number of physical branches seem to be going backwards at high speed and I’m sure they are down by 20% or more in the last two years.
I like Hunters as they always seem brand focussed. The branches nearby are smart and well kept. More info on the deal will emerge later this morning
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The poor Hunters franchisees. They don’t know what’s in store for them if this deal goes ahead!
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Amazing how little Hunters is worth. All those offices and only £20m.
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