Estate agents announce plans to float on AIM

ESTATE agency group Hunters is looking to float on the Alternative Investment Market (AIM) later this year as it pushes ahead with major expansion plans.

The Leeds-based business hopes the listing will help it raise up to £2.5m to enable it to expand its network to more than 500 offices in five years’ time.

Hunters opened its first branch in York 22 years ago.

The network is mainly franchised and now has 128 branches nationwide in key cities across the UK including London, Birmingham, Leeds, Leicester, Manchester, Middlesbrough and Liverpool.

In 2014, Hunters opened 31 branches and increased the overall income by over 40%.

In preparation for the flotation, a restructuring of the board is taking place with managing director and founder Kevin Hollinrake moving into the role of chairman and Glynis Frew, currently operations director, taking over as managing director.

Harry Hill, who is currently a non-executive director, and was the former CEO of Countrywide, will join the board as CEO, principally with the responsibility of guiding Hunters through the flotation process and helping the company adjust to public ownership.

Martin Robinson’s role now formally expands to national sales director, co-founder John Waterhouse remains as president; Ed Jones, finance director will take responsibility as CFO.

Spearing Waite are acting as lawyers.