Another Keller Williams UK (KWUK) market centre is set to close its doors but it is unclear who made the decision to shut-up shop.
KWUK’s London Bridge Market Centre, owned and operated by industry figure Chris Buckler since 2018, has closed.
It comes despite the centre being one of the few KWUK market centres to actually be turning a profit in recent years, Companies House documents suggest.
Ben Taylor, chief executive of KWUK, said: “As part of its ongoing plans to develop and grow the business, KWUK have taken the decision to not renew the sub-licence agreement for the Market Centre in London Bridge.
“This licence will therefore terminate in accordance with the current agreement on 15th June 2023. Agents will be well supported from any one of four neighbouring Market Centres.
“KWUK has, over the past five years, invested significant time and resource in learning and building exactly what is required to best support agents to build businesses that are successful and Market Centres which are both profitable and impactful to their local communities. This further restructuring is an important step in the development of the KWUK success story.”
But a statement from Buckler suggests the closure was his decision.
He said: “We decided not to negotiate on the extension of the franchise agreement, but wish KWUK all the best. I cannot comment further at this time.”
It follows the closure of the Warwick Market Centre last year.
KWUK shifted responsibility for its Aspire market centre in Weybridge in April, which is now being run by its Prime leadership team based in Mayfair rather than the Oxygen office in Maidenhead.
Meanwhile, last month the company behind KWUK's Evolve Market Centre - TBF Centres - entered voluntary liqudation, Companies House documents show.
It comes as the director of the company, Evelyn Foster, has taken over the KW Scotia and the KW Caledonia Market Centres through another of her businesses called EA Market Centres that was formed in August 2022.
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Perhaps it’s part of their ongoing master plan maybe code named ’shooting yourself in the foot’
18% less profit for most agents in residential sector for 2023, is going to make it a very tight market. The Connells Group decline in profits was a stark warning that since Q3 2023, the market started going South, with interest rates likely to be 6% plus for a two-year fixed in a few months, the end to cheap money is a concern for all. It fascinates me the idea of giving a % to a franchise, especially as the % is often the nomiminal profit that it takes to run a business, hence why franchiseees chop them in, less so for lettings which is plumbed in differently with known uplifting revenue.
FGS
I cannot believe I agree with Andrew for once
haha
He is a good man really
he is fine but is sometime a twit who goes on abut how wonderful he is as uses corporate BS speak usually
LOL
Also, American Real Estate companies/ideas, rarely seem to have success in the UK. It works in the US where they share a fee of 5 - 6% but not when its 1 - 2%.
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