The Property Franchise Group - the UK's largest property franchisor, which owns EweMove and other brands - has acquired 80 per cent of The Mortgage Genie, a mortgage broker.
The deal is worth £400,000 with an estimated additional payment of £90,000 on completion.
TMG is a mortgage broker operating on the PRMIS mortgage network which is owned by LSL Property Services Limited.
A statement to TPFG shareholders this morning says the acquisition is in line with TPFG’s strategy to grow the number of financial services advisers serving its network.
It also builds on a strategic partnership to develop financial services, announced between TPFG and LSL back in April.
In the year to 31 July 2020, TMG generated £950,000 of turnover and £71,000 of profit before tax.
Gareth Samples, group chief executive of The Property Franchise Group, says: “The acquisition of TMG demonstrates our commitment to strategically grow the group’s financial services capability which will ultimately provide a meaningful contribution to our franchisees’ and Group’s financial performance. We ... believe we have the resources in place to enable TMG to increase its market share, whilst simultaneously enabling the Group to develop its financial services income stream.”