Estate agency giant reveals significant rise in lettings revenue

The UK’s largest franchised estate agency group has released its annual results for last year which reveal a big jump in lettings revenue of 11% to £9.9 million, a record for the group.

These figures cover its HQ operation, which oversees all the franchised branches covering 15 brands including Martin & Co (pictured), Hunters and Ewemove, but do not include Belvoir which was acquired via a merger in January this year.

TPFG expects its ‘merger’ with Belvoir, which was its nearest competitor until recently, to almost double the size of its business in some areas of operation and particularly lettings, raising its branch count to 919 outlets, managing some 153,000 rented properties (currently 78,000), selling around 28,000 homes a year and advising on some 21,000 mortgages.

Lettings

During 2023 TPFG, which has some 250 franchised owners running its branches and hybrid territories, largely trod water financially with revenues, service fees from franchisees and profits all edging up marginally – TPFG turned over £27.3 million and made a profit of £9 million, both of which increased by a few percent.

“[These results] represent yet another year of record performance in which we have improved the quality of our revenue and adeptly executed our strategic roadmap, whilst continuing to navigate a challenging macroeconomic backdrop,” says TPFG’s CEO Gareth Samples.

“This is testament to the quality and hard work of our team, with the progress made in the year leaving us with a solid foundation on which to grow further, bolstered by increasing revenue visibility for 2024 across a broader base.

“We are delighted to have completed the post-period transformational merger with Belvoir, marking a significant milestone in our journey to become one of the leading players in the UK property market.

“We see a huge opportunity for the Group, with increased scale, breadth of offering and diversity of brands, as well as enhanced geographic reach, whilst also providing us with a clear opportunity to accelerate growth in our Financial Services division.”