8th Sep 2021 14:22
Property Franchise Group PLC - UK-based lettings and estate agency franchising firm - Acquires 80% stake in The Mortgage Genie Ltd for an initial consideration of GBP400,000, plus an additional payment of around GBP90,000 post completion. Says its new acquisition is a mortgage broker and authorised representative of the Primis Mortgage Network, which is owned by LSL Property Services Ltd. The Mortgage Genie generated turnover of GBP950,000 and pretax profit of GBP71,000 in the year ended July 31, 2020, the company says. "With the improvement in the market since then, management are confident of exceeding that performance" in financial 2021, Property Franchise adds.
Chief Executive Gareth Samples says the acquisition: "Demonstrates our commitment to strategically grow the group's financial services capability which will ultimately provide a meaningful contribution to our franchisees' and group's financial performance...We believe we have the resources in place to enable [The Mortgage Genie] to increase its market share, whilst simultaneously enabling the group to develop its financial services income stream."
Current stock price: 307.50 pence, down 1.8% on Wednesday
Year-to-date change: up 63%
By Scarlett Butler; [email protected]
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