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TODAY'S OTHER NEWS

The Property Franchise Group hails ‘transformational’ period

The Property Franchise Group (TPFG) has described the first five months of this year as ‘transformational.”

It comes after the brand has acquired Belvoir, Fine & Country and The Guild of Property Professionals in recent weeks.

However, the agency warned in a statement ahead of its annual general meeting last week that the General Election may impact the recovery in sales.

TPFG said its businesses have traded in line with growth objectives, with lettings' revenues at similar rates to last year and the sales-agreed pipeline at 30 April 2024 was 20% up on the same period in 2023.

The update said: “We now have one of the most experienced management teams in the sector with a broad set of complementary skills and an unrivalled expertise in both franchising and licensing. This extensive experience will help us to both integrate and leverage our breadth of capabilities to enhance revenues across the businesses.

“We are cognisant of the pending General Election which may impact the sales market's recovery over the summer as well as some broader headwinds. 

“Notwithstanding these uncertainties, we are confident of driving our organic growth, delivering the expected synergies from our recent acquisitions and developing new additional revenue streams. For these reasons, the board looks to the future with confidence and excitement about the further value we can deliver for all stakeholders from our increased scale and ongoing ambition."

The update also revealed that David Raggett will retire as chief financial officer by the end of the 2025 calendar year.

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