Two franchisees of The Property Franchise Company have acquired competitive businesses with the backing of the PFC central office.
Angela Newark, owner of two businesses in Saltaire and Keighley, West Yorkshire, has acquired the portfolio of Martin Lonsdale in Saltaire, taking her total managed stock to over 800.
Newark cold-started a Martin & Co office in Saltaire and in 2014 bought Village Estates, followed by the purchase of the Whitegates Keighley office in 2016.
She said: “I’m a beneficiary of the multi-brand strategy of The Property Franchise Group as I trade both as Whitegates and Martin & Co.
“Central office assisted me with the acquisitions and I’m looking at other businesses currently.
“I know agents are worried about the tenant fee ban, but the strong will survive, and my business is now set for further growth in 2018.”
Meanwhile Bill Cooper, franchisee of Martin & Co Oxford, has acquired the Kidlington office of Oliver James – an established agent which has been operating in the region since 1999.
Originally purchasing the Martin & Co Oxford franchise in April 2016, Cooper’s acquisition of 70 managed properties brings the total number on the business’s books to 443.
Oliver James Kidlington will be rebranded as Martin & Co, with its portfolio and existing team of six fully incorporated into the agency’s existing operation.
Well done both; hope they didn’t overpay, the purchase multiples are going to drop significantly come the fee ban. Still the bloke in Oxford has a lot of scope for taking cost out of the acquired company – 6 staff for 70 managed properties, what are they doing providing an evening turn down service?
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