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Hybrid EweMove booming with sales and pipeline soaring

The Property Franchise Group’s hybrid agency EweMove more than doubled its income in 2020 to £5m, according to a statement to shareholders. 

The sales agreed pipeline at the end of last month - March - was up 120 per cent at 1,976 properties compared to last year’s 897. 

Sales completions are up 102 per cent at 1,229, while there’s been a 50 per cent rise in rental properties at 3,000 at the end of last month.

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In total EweMove has 135 offices now against 123 this time last year, and franchise sales are significantly ahead of 2020 levels at 20 so far; a year ago the figure was just three. 

The statement to shareholders also looked at TPFG’s wider set of High Street agency brands and the company’s acquisition of Hunters late in 2020.

In the year to December 31, profit before tax at TPFG rose 20 per cent to £4.8m on increased revenue of £11.5m. Network income increased from £93m to £94m.

 

 

 

TPFG chief executive officer, Gareth Samples, comments: "2020 and the year to date has seen the group achieve many significant milestones and I am very pleased with the results that we have delivered. 

“Whilst navigating the global pandemic we were resourceful in protecting the business in the first half and had the right strategy in place to take advantage of the buoyant housing market throughout the remainder of the year.”

He continues: "The acquisition of Hunters post-period end and the strategic [mortgage] partnership announced with LSL has significantly bolstered our position in the market, and I am excited to see what we can achieve in the coming year. 

“Looking forward, we have a strengthened platform to focus on the growth of our Financial Services capability, build upon the success of our hybrid offering, EweMove, and leverage Hunters and TPFG's existing strengths across the enlarged group. We are confident that our success will be underpinned by our unrivalled management team, scale, excellent stable of brands and strong relationships with our franchisees.”

Led by Samples the top management team now consists of Kate Randall (managing director of brands CJ Hole, Ellis & Co, Parkers and Whitegates), Nick Neill (managing director of hybrid agency EweMove), Eric Walker (managing director of Martin & Co South and Scotland), Gareth Williams (managing director of Martin & Co Midlands and North), and Glynis Frew, (managing director of Hunters, Country Properties and Mullucks).

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