Fine & Country and The Guild of Property Professionals have been revealed as the next acquisition for The Property Franchise Group (TPFG).
A deal worth £15m was confirmed this morning after it was first reported on Sunday by Sky News.
It follows TPFG’s merger with Belvoir in March.
Gareth Samples, chief executive of TPFG, said: "The acquisition continues to deliver on our wider strategy of delivering breadth and depth to our network. It further enhances TPFG's recurring revenue streams, adds the additional dimension of licensing to its platform and one significant complementary service, printed marketing materials. I am really excited about working alongside Iain McKenzie and the team to continue the growth across the Group and providing additional benefits to our network."
Iain McKenzie, chief executive of the Guild and Fine & Country, added: "I am genuinely delighted and excited by the opportunities created by our two businesses coming together; placing The Guild and Fine & Country under an established and growing organisation, broadening TPFG's geographical footprint. We have a proven track record of delivering innovation and marketing services across our network, and, as a consequence of now being part of a larger group, our customers will benefit from existing supplier partnerships, allowing us to introduce significant additional benefits."
Samples told Estate Agent Today at the time of the Belvoir deal that money was available for more deals.
Samples said the Belvoir deal gives the overall brand more scope to purchase lettings portfolios and acknowledged that more acquisitions were on his mind but he was tight lipped on specific companies.
He added: “We did the Belvoir deal through an all-share merger so we haven’t spent any money.
“So we now have twice as much money for acquisitions.
“We are acquisitive and believe in putting the right businesses into the group that deliver shareholder value and opportunities.”