3rd Jun 2024 11:01
(Alliance News) - Property Franchise Group PLC on Monday said it is buying GPEA Ltd and associated companies to boost its revenue streams.
The Grantham, England-based property franchise and financial services company said it will buy the company trading as Guild of Property Professionals and as Fine & Country for a total of GBP20 million. The payment is split between GBP15 million on completion of the acquisition and GBP5 million on the first anniversary of the completion.
Property Franchise expects the acquisition to be immediately earnings enhancing. "Through its brands and complementary networks divisions, TPFG's platform will allow its newest partners access to additional benefits and services. TPFG will be gaining access to the 20 strong team of marketing professionals who have so successfully driven the growth in The Guild and Fine & Country," it added.
Property Franchise shares rose 6.2% to 430.00 pence each on Monday morning in London.
The acquired business had pretax profit of GBP3.3 million in 2023 on revenue of GBP13.2 million.
Property Franchise Chief Executive Officer Gareth Samples said: "The acquisition continues to deliver on our wider strategy of delivering breadth and depth to our network. It further enhances TPFG's recurring revenue streams, adds the additional dimension of licensing to its platform and one significant complementary service, printed marketing materials."
By Tom Budszus, Alliance News slot editor
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