Estate agents acquired in £20m deal
Mon, 03 Jun 2024 | BUSINESS SALE
The Property Franchise Group (TPFG), a multi-brand property franchisor behind prominent estate agency brands including Hunters, has acquired an estate agency and its associated companies in a deal valued at £20 million.
TPFG has acquired the entire issued share capital of GPEA Limited and its associated companies, trading as The Guild of Property Professionals and as Fine & Country. The Guild and Fine & Country serve a total of 1,036 outlets, 65 of which are international outlets.
In its accounts for the year ended December 31 2022, GPEA Limited generated turnover of just under £13 million, up from £11.6 million a year earlier. At the time, the company’s gross profit was just over £9 million, up from £8.18 million a year earlier, but its post-tax profits fell from £3 million to £2.3 million.
TPFG Chief Executive Gareth Samples: "The acquisition continues to deliver on our wider strategy of delivering breadth and depth to our network. It further enhances TPFG's recurring revenue streams, adds the additional dimension of licensing to its platform and one significant complementary service, printed marketing materials.”
“I am really excited about working alongside Iain McKenzie and the team to continue the growth across the group and providing additional benefits to our network."
Iain McKenzie, chief executive of the Guild and Fine & Country, added: "I am genuinely delighted and excited by the opportunities created by our two businesses coming together; placing The Guild and Fine & Country under an established and growing organisation, broadening TPFG's geographical footprint.”
"We have a proven track record of delivering innovation and marketing services across our network, and, as a consequence of now being part of a larger group, our customers will benefit from existing supplier partnerships, allowing us to introduce significant additional benefits."
Find out more about the factors driving consolidation in the estate agency sector
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