Dominic Agace
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Charity
Winkworth supports Habitat for Humanity
Winkworth has a partnership with Habitat for Humanity Great Britain, an affiliate of the global Habitat for Humanity which fights poverty, providing safe homes for those in need.
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Movers & Shakers
Another stellar year of growth for Winkworth
Winkworth Franchising Ltd reports excellent growth in 2017, with seven new offices taking its network to 100.
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Latest property news
Winkworth about to pass 100-branch milestone
Winkworth says its branch network is about to go past the 100-mark when it opens three new offices during the opening months of this year. This is on top of seven new branches opened last year including colds starts in Cheltenham (pictured, right), Sunningdale and Surbiton in London, three existing agencies converting to the Winkworth brand in Kingsbury (in London) and Dartmouth and Torbay in Devon plus an extra branch for an existing franchisee in Milford-on-Sea in Hampshire. The company also says it has seen an unusually busy period of new enquiries coming in about franchising opportunities – up by 26% year-on-year during 2017. Winkworth’s current expansive activity is down to, in part, the re-hiring of former franchisee Michael Stoop in July who, after 25 years spent away from the firm working for several franchising giants including Martin & Co, is now working for Winkworth as a consultant. “Following the success of last year, we’re putting more emphasis on our expansion over the course of 2018 to ensure we have a strong network of offices supported by some of the most skilled people in the industry,” says Winkworth CEO Dominic Agace (pictured, left). “We’re always on the lookout for experienced…
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Latest property news
Winkworth reports sales down 18% as market difficulties bite
The difficulties of the property market in prime London and its suburbs and commuter towns have been laid by bare by the latest results from franchised network Winkworth. Its head office operation has reported its network’s gross revenues for the first half of the year down by 9% year-on-year to £21.4m, sales down 18% to £11.7m and lettings down 2% to £6m. The bright spots of the figures are property management revenues, which increased by 15% to £3.7 million, and the central London market where the weak pound has driven increased investment in property by overseas investors. “Prices have remained steady in the more domestically-focused outer London markets, supported by low interest rates and high employment, but affordability issues continue to affect transactions,” says Dominic Agace, Chief Executive Officer of Winkworth (pictured, left). The company also says the strength of its brand is more than a logo, and that despite soft transactions and reducing prices in many areas of London and beyond, Winkworth-sold properties achieved average prices 2% higher during the first six months of the year, compared to the same period last year. “With the sales market subdued, our investment in the lettings and management side of the business…
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Latest property news
What retirement? Michael Stoop rejoins Winkworth after 25 years
Veteran industry franchising heavyweight Michael Stoop (pictured, below) has re-joined Winkworth as a consultant 25 years after he left the company. Michael started at Winkworth in 1976 but just five years later was the first person to open a franchised Winkworth office, at a branch in Parsons Green, central London. He then sold it on to a new Winkworth franchisee in 1988, having earlier been made Managing Director of the company. Four years later in 1992 he left Winkworth to join Xperience, the franchising division of Legal & General, where he worked for 22 years before joining Martin & Co as Group Managing Director in 2014, after it bought Xperience for £6 million and then rebranded as The Property Franchise Group. This new group company then brought together Martin & Co as well as the brands Michael brought with him including Ellis & Co, CJ Hole, Parkers and Whitegates, under one umbrella. Last year The Property Franchise Group added online-only agency Ewemove to its portfolio in a deal worth £15m. But in August last year Michael retired from The Property Franchise Group and set up Michael Stoop Property Services with a member of his family, which at Companies House is…
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Latest property news
Lettings and strong country sales save the day at Winkworth Franchising during “difficult” 2016
Winkworth Franchising has reported a “difficult” year after publishing its 2016 annual results. This includes franchisee turnover down 6% to £46.1 million and franchisor profits before taxation down 25.6% at £1.42 million. But lettings saved the company from worse results. The annual report says its franchisee network, which is concentrated in prime markets within London, the South East, East of England and Midlands, experienced a significant increase in rental income from 38% of total revenues in 2015 to 44% last year. “Our rentals business continued to grow on the back of new initiatives such as the corporate relocation department,” says Dominic Agace, CEO of Winkworth Franchising (pictured). “With an improved proposition for landlords, property management commissions grew by 16% to represent 15% of rental revenue compared to 12% in 2015. “Rental income growth in the country was stronger still, rising by 21%, so that the total contribution to group turnover from offices outside of London increased from 19% in 2015 to 21%. This vindicates our strategy of expansion outside of London since 2008.” But Winkworth Franchising experienced a quiet year for sales, created it says mainly by worries over Brexitg, although like many other agents it experienced a rush of landlords buying properties…
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Agencies & People
Big wheels keep on turning
Andrea Kirkby investigates corporate strategy in a difficult market.
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