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Martin & Co avoids worst of Coranavirus carnage as revenues dip by 20%

Parent company TPFG says its six brands and hundreds of franchisees survived the lockdown relatively well and that many are 'cautiously' bringing back some furloughed staff.

Nigel Lewis

martin & co

Martin & Co and Ewemove parent company The Property Franchise Group its six businesses performed resiliently during the property market shut-down, during which its overall group revenues reduced by just 20%.

The surprisingly robust performance, which covers the period 1st April to 31st May, saw lettings management revenues increase by 2% although overall, lettings saw a 14% reduction.

The company’s sales exchanges also picked up again once the market re-opened and during May were at 51% year-on-year. Ewemove returned to similar levels of sales listings compared to before the lockdown.

Overall, despite the drop in revenues, the business remained profitable throughout the three-month shut-down period covered by its results.

richard martin martin & coRichard Martin, the company’s Non-Executive Chairman and co-founder (left), says franchisees have moved quickly to resume business as normal following the lifting of restrictions on 13th May.

“Across the Group they have begun to cautiously bring some staff back from furlough and confidence is building, highlighted by the initiation of selective marketing activity, in response to the increase in customer demand,” he says.

At the end of April its designate CEO and former Your Move boss Gareth Samples started in his new role after initially joining the firm in February to begin an extended handover period with outgoing CEO Ian Wilson, who is retiring.

TPFG has £5.35 million cash at the bank, up from £2.5 million during the same period last year. The company PFG is due to hold its Annual General Meeting at 11.00am today. Its brands are Martin & Co, Ellis & Co, CJ Hole, Ewemove, Whitegates and Parkers.

June 25, 2020

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