Agencies & People
News covering the businesses, activities, people and personalities in estate agency and letting agency and wider residential property industry.
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Connells Group hatches online plan
The national estate agency group Connells has jumped into the online agency world with the acquisition of Hatched.co.uk. Hatched – one of the original pioneers of the online estate agency model – is, says Connells, aligned with its “ambitious growth strategy to extend its presence in the UK property market.” This purchase follows the recent acquisition of 18 branch Gascoigne Halman with offices in Cheshire and south Manchester. While other corporate agencies have made noises about online agency acquisitions, this is the first major deal. Connells say that Hatched will ‘bring complementary capabilities including first-hand knowledge and experience of this developing sector.” It will also expand Connells into towns and cities not currently covered by its existing estate agency operation. Hatched will continue to trade under its existing brand with founder and managing director Adam Day remaining in charge of operations. “We are pleased to welcome into the Group such an innovative business and well established player in the online space,” says Connells Group CEO, David Livesey (left). “The acquisition of Hatched represents a natural progression towards further enhancing our online proposition and wholly complements our strategy to expand our high street footprint. We are entirely committed to our branch…
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Countrywide acquires three more agents
Countrywide, the UK’s largest integrated property services group, has significantly increased its regional footprint in Merseyside and South Wales by acquiring three major new independent estate agents. The company has completed the acquisitions of Sutton Kersh and Clive Watkin estate agents in Liverpool, along with John Francis in South Wales. The three deals adds over 300 employees and 39 branch locations to Countrywide’s new retail business unit, which brings together the sales and lettings businesses to create a seamless customer-facing experience. Clive Watkin Partnership operates a network of 15 estate agency and letting branches across Liverpool and the Wirral, as well as a land and new homes operation, while Sutton Kersh, established in 1976, now has six multi-discipline branches across Liverpool, providing a wide range of services covering residential sales, lettings and property management, commercial property, auctions, mortgages, surveys, valuations, and energy performance assessments. John Francis operates a 21 branch network covering Swansea and South Wales, which serves all aspects of the property market, including services in residential sales and lettings, commercial sales, auctions, new homes and financial services. “We are delighted and excited to have joined the UK’s largest property services group. John Francis is a strong brand and…
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YOPA steps up efforts to ‘revolutionise’ the industry
YOPA (Your Online Property Agent), which hopes to revolutionise the estate agents industry in the same way Uber has caused commotion in the taxi sector, has launched its services in Greater Manchester, as part of its expansion across the North West of England, by appointing veteran agents David Higham and Tim Shinners to lead its push in the region. Higham, from Warrington, has worked in the property industry for almost 30 years while Shinners, from Bolton, has almost 15 years’ experience. “We know that people across Greater Manchester want to get the best possible price for their property, are looking for a 24/7 estate agent with the latest technology and they’re fed up of being ripped off by excessive estate agent fees,” said YOPA CEO Daniel Attia (left). YOPA, which has some heavyweight investment backing and strong media links, with two of its Directors related to the Barclay brothers, owners of the Telegraph, hopes to revolutionise the estate agents sector with their online offering by charging vendors fees ranging between £450 and £810 depending on the service chosen. Attia added, “Our winning combination of online property consultants and easy-to-use web property marketing platform frees our local experts to accurately value…
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Zoopla sees ‘return to growth’
Zoopla is going from strength to strength thanks in part to its acquisition of comparison website uSwitch earlier this year, which is doing even better than expected, as well as a rise in estate agency customers. According to its latest trading update to the City, Zoopla, which earlier this year acquired online price comparison site uSwitch for £160million in a move designed to differentiate it from rivals Rightmove and OnTheMarket, has attracted a further 146 UK estate agents to its membership since July, contributing to growth in turnovers and profits. Zoopla has accepted that it lost business this year to challenger property website, OnTheMarket.com (OTM), but now insiststhat its UK agency membership is “continuing its return to growth.” Zoopla now has a total of 12,701 agency customers on its books, along with 2,706 new homes customers and 737 overseas members. Zoopla forecasts that full-year revenue will increase by a third to £107 million, with adjusted cash profit up by a fifth to £48 million. These optimistic projections are supported by the company’s decision to diversify its offering with its uSwitch acquisition, which has outperformed expectations, while its portal division was in line. There has been a positive reaction to Zoopla’s…
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Connells Group acquires Gascoigne Halman
Connells Group has agreed a deal to buy Gascoigne Halman, taking its high street network to nearly 540 branches across the UK. Connells’ decision to purchase Gascoigne Halman, which has 18 branches operating across south Manchester, north east Cheshire and the High Peak, will extend its geographical reach and fits in with the firm’s expansion strategy, and follows on from the acquisition earlier this year of Peter Alan, Adrian Cole & Partners, Cartwrights, Harrisons, Platinum lettings, Selective Lets, among a host of other purchases. Gascoigne Halman will continue to trade under its existing brand with Founder and Managing Director John Halman remaining at its helm. David Plumtree (left), Connells Group Estate Agency Chief Executive, commented, “We are delighted to welcome such a strong and high quality business as Gascoigne Halman to the Connells Group. This acquisition is a good strategic fit for our expansion plans and perfectly complements our branch network. It brings depth and further quality to our existing portfolio and gives us a presence in this region for the first time.” “There are strong synergies between the Connells Group and Gascoigne Halman and we are looking forward to working with John and his team,” he added. Partnering with…
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eMoov’s crowdfunding campaign raises £2.6m
eMoov has raised just over £2.6 million, more than two and half times its target, after attracting 795 individual investors through crowdfunding on Crowdcube. Among the major investors were two venture capital groups, Episode 1 Ventures and Maxfield Capital Partners, which both increased their investment in the online estate agency, while Swiss VC firm Startive Ventures also joined in the funding round. Alexander Lazarev, Partner at Maxfield Capital Partners, said, “eMoov’s crowdfunding success is a clear indication of a long awaited transformation of an old-fashioned industry. eMoov disrupts estate agency by providing significant savings and high quality customer services. “I am glad that crowdfunding investors have recognized this unique opportunity and contributed their capital to eMoov.” Episode 1 and Maxfield Capital have contributed £500,000 and £300,000 respectively, with Startive investing £250,000. In addition, London-based accelerator Seedcamp has also reinvested with £50,000. “We have made unbelievable progress over the last 24 months and this smart money demonstrates the confidence that the professionals have in our business,” said Russell Quirk, CEO and Founder of eMoov. Episode 1’s Managing Partner, Simon Murdoch, was an early stage investor in Zoopla, Betfair, Shutl and LOVEFiLM, and now he believes that the estate agency industry is…
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Knight Frank posts record annual profits
Knight Frank has posted record annual profits, thanks in part to a number of high profile deals and a surge in investor activity. The high end property consultancy, which is owned by its partners, has announced that profit before tax rose by 19 per cent to £162 million in the year to 31st March, while turnover increased by 13 per cent to £443.1 million. The growth in profits was fuelled mainly by a recovery in the commercial sector; the company’s 10 commercial offices across the UK have had “their best year ever”, according to Alistair Elliott (left), Knight Frank’s Group Chairman and Senior Partner. He commented, “In the UK, commercial real estate activity has increased and there is now significant life in the sector. “The regions have spent several years in the doldrums, but we are seeing the commercial lettings market increase, but it must be said this is against a backdrop that has been terrible.” But while the commercial property market was on the up, Knight Frank said that the residential sector delivered a somewhat mixed performance – owed in part to higher stamp duty rates imposed by the Chancellor George Osborne on homes in the upper sector of…
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Belvoir acquires Goodchilds
Belvoir has completed the acquisition of West Midlands based Goodchilds Estate Agents and Lettings Ltd, taking the number of offices in its network to 211. Founded by David Warke in 2004, Goodchilds, which has 16 property sales and lettings branches located across the West Midlands, will now become part of Belvoir-owned Newton Fallowell group, under the leadership of Chief Executive, Mark Newton. Mark Newton said, “I am really looking forward to Goodchilds coming on board, and welcoming a further 16 offices to the Newton Fallowell network, which will bring the total to 46. “The balance of lettings and property sales within the Goodchilds network is currently 70 per cent lettings and 30 per cent estate agency. Newton Fallowell’s strength and expertise in estate agency will help to enhance the sales side of the business and the added support of Belvoir as a parent company will greatly benefit all aspects of business growth.” Aside from significantly increase the volume of offices in Belvoir’s network, the acquisition of Goodchilds has also boosted the number of properties managed by the firm to 35,000. “The acquisition represents a clear strategic fit with our acquisition strategy of building a network based on multi-brand franchises, which…
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Cheap PR stunt backfires on online agents
A PR stunt in the form of a slow drive funeral procession through the streets of London, supposedly marking the death of the high street estate agency sector, backfired on the online agency who staged it, confirming that their unprofessional and cheap marketing methods bring their own business nothing but damage. Founder and CEO of eMoov.co.uk, Russell Quirk, branded the stunt “dead wrong” and while he believes that the property industry “needs a kick”, he insisted that online agents should aim to “improve” the home buying and selling experience, and “not to ‘kill’ estate agents”. Russell (left) said “They clearly have their own view on marketing strategy and this particular style may work for them. But the business of selling someone’s family home with care and at the best price is a very serious business.” Adam Male, Founder of Urban.co.uk, felt that the PR stunt was “effective” but insisted that “it’s in no way the end of the high street.” He commented, “I believe both online and traditional agency has a place in the industry. Much like John Lewis and Thomson Holidays have proven over the last five years, it’s achievable to have a successful high street operation, complemented by…
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Romans and Leaders continue expansion with fresh acquisitions
Leaders has added to its network of 100-plus branches with the acquisition of Aidan J Reed in Loughborough and Quorn, Leicestershire, while Romans has followed the purchase of Campsie’s residential and commercial sales and lettings branches earlier this month, by acquiring Gregory & Company in Windsor. Leaders’ latest deal follows on from the trio of acquisitions at the end of August and early September, including Simply Lets in Worcester and Bromsgrove, Andrews Snape & Co in Bournemouth and Cullen Homes in Manchester. Matthew Light (left), Leaders’ acquisitions director, said, “We are delighted to welcome the staff and customers of Aidan J Reed to Leaders and look forward to working with them as we launch the Leaders name in Leicestershire. “This an ideal business for us because, like Leaders, Aidan J Reed’s focus has always been on providing a quality service and employing highly professional staff with excellent knowledge and standards of practise. In terms of location, this acquisition provides additional coverage within our existing Midlands region, complementing our six Derby branches and our Nottingham and Mansfield locations.” Aidan J Reed was owned and operated by Aidan Reed and James Etty who will now focus purely on their student lettings business.…
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