Two franchise giants – Hunters and The Property Franchise Group – say their combined lettings book underpins their recent deal.
In a statement to shareholders, TPFG – which acquired Hunters last month – says lettings instructions and new tenancies have started more slowly in 2021 than in 2020, following the general election.
However it adds: “Underpinning the lettings income of both TPFG and Hunters is the portfolio of managed properties which now stands at c73,000 properties.”
It goes on: “Whilst the outlook for the UK economy remains difficult to predict, we are confident that an exciting year of progress is ahead of the group. Aside from external market conditions, in the year ahead TPFG looks forward to pursuing the new opportunities available to it following the Hunters acquisition, leveraging its significantly enhanced scale and continuing to execute on its ambitious growth strategy.”
TPFG, in the year before its Hunters purchase, relied on lettings for 70 per cent of its management service fees; Hunters’ reliance was 36 per cent.
Chief executive Gareth Samples says: “Both companies have demonstrated their strength and agility under rapidly changing circumstances, progressing financially and operationally in the year.
“We are confident that bringing a strong, growing business into the group will supercharge our expansion plans, delivering great value for both our shareholders and our franchisees.
“We now have an unrivalled management team, geographical reach and brand value within the group. We are excited for what the future holds.”
This post has originally been featured in Letting Agent Today.