Property Franchise Group heralds ‘transformational’ growth after Belvoir deal
The Property Franchise Group (TPFG), which operates brands including Hunter’s and Ellis & Co, has announced booming revenue following the acquisition of Belvoir and Fine & Country.
Aim-listed TPFG, which merged with Belvoir earlier this year in a £110m deal , is the UK’s largest multi-brand property franchiser.
The deal appears to have paid off, with group revenue at the Bournemouth-headquartered company up 104 per cent in the first six months of the year to £26.9m.
The acquisitions of Belvoir, which operated a property network as well as a financial services business, and GPEA, owner of Fine & Country, accounted for the majority of the rise, TPFG said.
Financial services commissions at TPFG increased 778 per cent to £7.9m, with “all of the increase being attributable to Belvoir”, the company said.
The property franchiser ended the period with double the number of rental properties under management across 1,946 outlets, up to 152,500 from 77,000 at the end of the first half of 2023.
Net debt increased to £14.3m after the company borrowed £20m to fund the acquisition of GPEA, it said.
Chief executive Gareth Samples, said: “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.
We are delighted with our organic revenue performance in the first half year and the contributions from each of our new businesses.”
Shares in the company have risen by nearly 30 per cent in the last six months.
The company noted a likely positive impact from the Bank of England’s base rate cut of 0.25 per cent at the start of August.
“[It] should have a positive impact on second-half sales and financial services activity”, the company said.
House prices rose at their fastest rate since July 2022 last month.