Property Franchise Group PLC (The) Acquisition of The Mortgage Genie (0439L)
08 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMTPFG
RNS Number : 0439L
Property Franchise Group PLC (The)
08 September 2021
8 September 2021
THE PROPERTY FRANCHISE GROUP PLC
("TPFG", the "Company" or the "Group")
Acquisition of The Mortgage Genie
Delivering strategic growth in the Financial Services
Division
The Property Franchise Group PLC, the UK's largest property
franchisor, is delighted to announce the acquisition of 80% of the
issued share capital of The Mortgage Genie Limited ("TMG") ("the
Acquisition"). The initial consideration is GBP400,000 with an
estimated additional payment of c.GBP90,000 once the post
completion process has been satisfactorily finalised.
TMG is a mortgage broker operating as an Authorised
Representative of the PRMIS mortgage network which is owned by LSL
Property Services Limited ("LSL").
The acquisition is in line with TPFG's strategy to grow the
number of financial services advisers serving its network and its
strategic partnership announced with LSL on 27 April 2021. The
Acquisition demonstrates TPFG's commitment to developing its
financial services income stream and providing the capacity
required to serve its franchisees with mortgage and protection
services.
TMG offers digitally enabled and tailored mortgage and
protection services to a growing client base including the
franchise network of TPFG's hybrid brand, EweMove. Founded in 2016
by Matt Stevens, who will continue to lead the business, TMG is
fully invested in delivering on the long-term vision to grow its
advisor capacity, develop its call centre capabilities and
significantly grow its protection income. The business currently
employs 17 people including 10 advisers and, with the support of
TPFG, this growth will be supported and accelerated.
In the year to 31 July 2020, TMG generated GBP950,000 of
turnover and GBP71,000 of profit before tax and, with the
improvement in the market since then, management are confident of
exceeding that performance in the financial year ended 31 July
2021.
Gareth Samples, Group Chief Executive Officer of The Property
Franchise Group said: "The Acquisition of TMG demonstrates our
commitment to strategically grow the Group's financial services
capability which will ultimately provide a meaningful contribution
to our franchisees' and Group's financial performance. We are
delighted to be welcoming Matt and his team to the Group at such an
exciting time in its growth journey and we believe we have the
resources in place to enable TMG to increase its market share,
whilst simultaneously enabling the Group to develop its financial
services income stream."
For further information, please contact:
The Property Franchise Group PLC
Gareth Samples, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 405549
Canaccord Genuity Limited (Nominated Adviser and Broker)
Bobbie Hilliam
Tom Diehl 0207 523 8000
Alma PR
Susie Hudson
Justine James
Harriet Jackson 0203 405 0209
About The Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is the largest
property franchisor in the UK and manages the second largest estate
agency network and portfolio of lettings properties in the UK.
The Company was founded in 1986 and has since grown to a diverse
portfolio of nine brands operating throughout the UK, comprising
longstanding high-street focused brands and a hybrid, no sale no
fee agency.
The Property Franchise Group's brands are Martin & Co,
EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates,
Mullucks & Country Properties.
Headquartered in Bournemouth, UK, the Company was listed on AIM
on the London Stock Exchange in 2013. More
information is available at www.propertyfranchise.co.uk
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