Franchisees within the five-brand estate agency group of The Property Franchise Group (TPFG) have been busy buying up property portfolios all over the UK that have so far added 2,107 tenanted properties to the company’s book this year, more than the during the whole of 2017.
TPFG, which owns Martin & Co, Whitegates, CJ Hole, Ellis & Co, Parkers and Ewemove, says its franchisees have so far bought 16 property portfolios this year with more in the pipeline. This will take its total to an extra 3,000 tenanted properties this year, with a further 4,000 expected to be hoovered up next year.
Group CEO Ian Wilson (left) has revealed the reason for the huge expansion. He claims his business in unique because it pays cashback to its franchisees when they expand their businesses, in effect subsidising their portfolio buy-ups.
“This is extremely helpful to meet their immediate cash flow demands following an acquisition, as there can be unexpected bills to pay,” says Wilson.
“From the sellers’ point of view, they want to know that the deal will go through and that their landlords and staff will be looked after. We can provide that reassurance with our dedicated specialist acquisition team.”
Franchisees also have the advice and support of former Countrywide Acquisitions Director Sharon Titmarsh (below) on hand.
“The smallest deal was a bolt-on portfolio of 24 properties purchased from Nidderdale Properties in Harrogate,” she says.
“The biggest deal was 346 properties purchased from Castle Estates in Sheffield. Close to our Bournemouth Head Office, we helped Philip Skorochod buy a portfolio of 162 properties from Paris Lettings.
“You have to hand it to Philip, he only bought the franchise in April 2018 and he wants to buy more.”
Titmarsh says she also helped Hampshire franchisee Julian Bessey buy a student lettings business in Winchester.