Takeover bid for property group
York-headquartered estate agency group Hunters Property, the largest estate agent franchise in the country, has confirmed it has been approached to discuss a potential acquisition offer.
The business, which has a market cap of £19.197m, says it has received an initial approach from The Property Franchise Group (TPFG) regarding a possible offer for the entire issued and to be issued share capital of Hunters.
Kevin Hollinrake, chairman of Hunters and MP for Thirsk and Malton
If a deal is done it would mean a significant windfall for the groups co-founder, chairman and MP for Thirsk and Malton, Kevin Hollinrake; as well as the firm’s largest single shareholder Nigel Wray, the former chairman of Saracens, who hold 13.28% and 17.51% of the share capital respectively.
In an update today, Hunters adds: “The approach is preliminary, and the terms remain subject to ongoing discussion and to due diligence by both Hunters and TPFG.
“Accordingly, there can be no certainty that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made when appropriate.”
Over the period the group, saw income from its franchise and owned branch network rise by 7%, and opened 20 new branches.
The first lockdown meant all of Hunters branches had to close on 24 March, although the business remained open and worked remotely. Despite this for the period to 30 June the firm reported an increase in profit against the same period in 2019.
