TPFG reveals how Belvoir deal DOUBLED group turnover
Big group reveals how Belvoir acquisition has seen its mortgage broking activities increase eight-fold, overall revenues double, while base rate gives it hope that good times lie ahead.
The head office function of the Property Franchise Group which now owns 18 of the UK’s best-known national and regional estate agency brands, has doubled its revenue over the past six months following the acquisition of Belvoir.
While it used to be best known for owning national chain Martin & Co alongside several regional ones, through acquisitions it has picked up Hunters, Northwood, Ewemove and, during its most recent period of trading, Belvoir and Fine & Country plus The Guild.
These most recent deals have boosted revenue for its HQ operation doubling it from £13.2 million to £26.9 million in franchisee fees with Belvoir contributing the lion’s share of this uplift.
Overall its revenue from the group’s now small army of franchisees via ‘management service fees’ saw lettings revenue rise by 8% and sales by 7% despite the sales market remaining ‘flat’.
Sales pipeline
The recent business purchases also sale its sales agreed pipeline increase by two thirds to £47.5 million while its commission from mortgage and other financial product sales rose by a jaw dropping 778% to £7.9 million, revealing its former weakness in this area and Belvoir’s strength.
The acquisitions have also almost doubled its lettings book to some 152,500 properties while Ewemove put in a sold performance with the sale of 22 franchises, up from 17 during the same period last year.
“The first half of 2024 has been transformational for our Group, building on our track record of growth and completing two significant acquisitions which has created a substantially larger group with an international presence,” says CEO Gareth Samples (main image) referring to the international offices of Fine & Country.
Organic
“We are delighted with our organic revenue performance in the first half year and the contributions from each of our new businesses.
“We have a very resilient and focused franchise model and multiple income streams across 18 brands including a significantly enhanced, exciting opportunity in financial services.
“With an improving pipeline and at least one interest rate reduction behind us, the board is confident that trading remains at least in line with market expectations for the full year.”
