Martin & Co acquires L&G estate agencies
The deal sees Martin & Co acquire the entire issued share capital of Xperience Franchising which has 89 offices and 75 franchisees trading under the CJ Hole, Ellis and Co, Parkers and Whitegates brands.
Ian Wilson, chief executive of MartinCo plc, said: “This acquisition of the entire property franchise business of Legal & General is a significant step forward in the Group’s development and was made possible by our IPO and fundraising in 2013.
“This acquisition secures a very substantial portfolio of tenanted, managed properties and balances our mix of lettings and estate agency revenue.
“It significantly extends our agency network in London and brings with it both an experienced franchise management team and a powerful partner in Legal & General to help the directors exploit opportunities for financial services across our enlarged office network.”
The deal also sees Xperience MD Michael Stoop join Martin & Co as group managing director.
The Group will own five franchise master licences and each of its five brands Wilson said each “has the potential for further development”.
He added: “The group’s first brand, Martin & Co is a truly national brand predominately focused on lettings activity, while the strength of the four acquired brands lies in their regional focus and balanced mix of lettings and estate agency income streams.”