Property Franchise Group has bought estate agency Fine & Country and the Guild of Property Professionals for around £20m.
Property Franchise Group will pay £15m on completion of the deal, with the £5m remaining paid on the first anniversary of completion of the deal.
The deal will add some 1,036 outlets to Property Franchise Group’s portfolio, giving it a network of around 1,800 letting and estate agents in both the UK and internationally.
Property Franchise Group said the deal fitted with its strategy to acquire accretive businesses with complementary and recurring revenue streams which deliver network expansion and geographic growth.
Chief executive Gareth Samples said: “The acquisition continues to deliver on our wider strategy of delivering breadth and depth to our network. It further enhances TPFG’s recurring revenue streams, adds the additional dimension of licensing to its platform and one significant complementary service, printed marketing materials.”
Iain McKenzie, chief executive of the Guild and Fine & Country, who will remain with the business, added: “We have a proven track record of delivering innovation and marketing services across our network, and, as a consequence of now being part of a larger group, our customers will benefit from existing supplier partnerships, allowing us to introduce significant additional benefits.”
The Guild and Fine & Country adds some £13.2m of revenue and £3.3m of pretax profit to Property Franchise Group.
The acquisition follows the £215m purchase of Belvoir earlier this year.
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