Glynis Frew
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Latest property news
OnTheMarket wins claim against Gascoigne Halman in long-awaited tribunal decision
OnTheMarket has won the Competition Appeal Tribunal case it brought against Gascoigne Halman after the agent, following its acquisition in October 2015 by Connells, refused to abide by OnTheMarket’s ‘one other portal rule’. After the ruling OnTheMarket Chief Executive Ian Springett (pictured, below) accused Zoopla of funding the action, and also said that he intended to recoup legal and other court costs from Gascoigne Halman, particularly so because “the manner in which our opponents conducted the case has caused us to divert considerable resources and management time”. Gascoigne Halman said during the hearings that its contract with OnTheMarket was in effect void because what it believed are restrictive clauses within it were in breach of Section 2 of the Competition Act 1988. These include the ‘one other portal rule’ which requires participating agents to only use two property portals, the ‘bricks and mortar rule’ prohibiting online agents from joining OnTheMarket, and the ‘exclusive promotion rule’ that prevents agents from promoting their membership of Rightmove or Zoopla. The legal process was triggered when Gascoigne Halman listed its properties on all three property portals in defiance of OnTheMarket. OnThemarket subsequently sought a judgement on the matter through the tribunal system to prove…
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Latest property news
Hunters reports strong performance as Harry Hill steps down from CEO role
Sales and letting franchise business Hunters has reported a strong performance in the second half of its financial year despite the challenges of the second homes Stamp Duty changes and Brexit, it says. This includes an aggressive push for more franchisees, its trading update reveals. Hunters says it is on track to add 30 franchisees this year taking the total to 180 branches of which 11 are owned and 169 franchised. The company which floated on AIM in July last year, also reports that during 2015 existing businesses reporting their first full calendar year with the group grew turnover by 29%. This has helped increase revenue for Hunters, which says network income to 31st October 2016 was almost £29 million, an increase of 16% on last year’s results. The company also has reported that its network is split 58/42 between the south and north, and the lettings income increased by 18% compared to last year. But Hunters also says it is less exposed to a potential ban on tenant fees because 72% of its group revenues are from sales and that it is therefore “confident [the company] can manage and adapt accordingly”. “The Board is aware that the industry experienced…
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Agencies & People
Hunters takes aim at London float
Hunters is preparing to float on the AIM market of the London Stock Exchange to take advantage of the improving residential property market. The large estate agency firms, which has over 150 branches, the vast majority of which are franchised, has already appointed Numis Securities as Nominated Adviser and Broker with a view to start trading on AIM by the end of next week. Kevin Hollinrake (left), the Chairman of Hunters, who was recently elected as a Conservative MP, said, “Hunters is a highly ambitious company. Our success to date has been born out of our focus on providing our customers with an exceptional service combined with local market knowledge. The Group is excited about its next chapter as a public company. This status will help to further enhance the Hunters brand and provide access to capital to accelerate business growth.” Hunters last week welcomed Norfolk-based Kudos Residential to its fast growing network estate agents. All seven of Kudos Residential’s branches, located across the county, including the main towns and cities of Norwich and Great Yarmouth, have all been rebranded. Glynis Frew (right), Managing Director of Hunters Property Group, said, “This is another exciting milestone for Hunters. As we continue…
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