Dorset estate agent doubles in size following merger with major rival
Profits rose slightly at Dorset based estate agents The Property Franchise Group.
The firm, which has its head office in Bournemouth, is a fast growing franchise group which is extending its network across the UK.
The company said group revenues increased by £100,000 to £27.3m over the last 12 months.
During the same period management service fees increased to £16.1m from £15.9m.
As a result profit before tax increased to £9m from £8.8m.
The merger with Belvoir Group completed in March creating one of the UK’s largest multi-brand lettings and estate agency groups, with an established and growing financial services business
The combined group will benefit from increased scale and geographic reach, operating more than 910 outlets in franchised territories, managing in excess of 153,000 tenanted residential properties across the UK, selling more than 28,000 properties per year and advising on the completion of over 21,000 mortgages through its network of approximately 310 advisers.
Chief executive Gareth Samples said: “FY23 represents yet another year of record performance in which we have improved the quality of our revenue and adeptly executed our strategic roadmap, whilst continuing to navigate a challenging macroeconomic backdrop. This is testament to the quality and hard work of our team, with the progress made in the year leaving us with a solid foundation on which to grow further, bolstered by increasing revenue visibility for 2024 across a broader base.
“We are delighted to have completed the post-period transformational merger with Belvoir, marking a significant milestone in our journey to become one of the leading players in the UK property market.
“We see a huge opportunity for the Group, with increased scale, breadth of offering and diversity of brands, as well as enhanced geographic reach, whilst also providing us with a clear opportunity to accelerate growth in our Financial Services division.”
