TPFG is shopping for agency brands - but nothing purple

The Property Franchise Group (TPFG) is ready for another acquisition, its chief executive has said.

After successfully integrating Hunters into the TPFG brand last year following the 2021 acquisition, the listed agency franchise brand’s Gareth Samples said the company is on the lookout for another purchase.

Samples ruled TPFG out of purchasing Purplebricks, claiming purple is not his colour, he told Estate Agent Today:  “There are so many different angles, financial services, the franchise space, it is great we want to buy but we need somebody who wants to sell.

“We have built a platform, we have demonstrated we can build a system successfully from a franchisee and shareholder perspective.

“We would be silly not to try to rinse and repeat, anything that adds value to the group we would be interested in.”

It comes as TPFG posted record revenues and profits for 2022, with the results showing the brand is now net cash positive.

The update said the first quarter of this year was “seasonally quiet” but slightly ahead of management's expectations with regards to both revenue and profitability.

It said: “Residential market is expected to align with that of 2019 as we move through the year and we expect residential sales to achieve approximately 1.06m transactions in line with forecasts by Zoopla.

“2023 is anticipated to be another year of strong organic growth in lettings revenues. A lack of stock, unprecedented demand, and rising mortgage costs have all driven rental inflation in 2022 and are continuing to do so in 2023.”