Dominic Agace
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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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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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