Property Franchise Group (TPFG) is set to make a significant acquisition in the estate agency sector this week, as it finalizes a deal to purchase the Fine and Country chain. The London-listed company is expected to announce the transaction to the stock exchange on Monday, as it expands its network of lettings and estate agents in the UK and overseas.
According to sources, TPFG will pay around £15m for the licensing model of Fine and Country and the Guild of Property Professionals, which are currently owned by Nurtur. The latter is a provider of technology and communications services to the residential property industry. This move marks the latest in a series of acquisitions by TPFG, which recently bought the estate agency franchise group Belvoir. With a market value of over £250m, TPFG has established itself as a key player in the sector.
The estate agency market in Britain has seen a flurry of corporate transactions in recent times, with French banking giant BNP Paribas looking to sell its upscale British estate agent, Strutt & Parker, which it acquired seven years ago. The expected decline in interest rates is likely to fuel further activity in the coming months, as more homebuyers enter the market. LDC, the owner of Lomond Group – a result of the merger between Lomond Capital and Linley & Simpson earlier this year – is also preparing to put the company up for auction.
In addition, there has been constant speculation about a potential takeover of Foxtons, the London-listed estate agent. However, a spokesperson for TPFG declined to comment on the matter, while Nurtur could not be reached for a statement. The surge in corporate activity within the estate agency sector is a testament to the growing demand for properties in the UK, and TPFG’s latest acquisition is a strategic move to solidify its position as a leader in the market.