Turnover at Ewemove increased by 11% during the first six months of 2019, helping its parent company increase its franchisee fee income to £4.4 million.
Revenues at hybrid estate agency Ewemove have jumped by 11% during the first half of the year, its parent company The Property Franchise Group (TPFG) has revealed within its interim half-year results.
The online agency, which was bought by TPFG in 2016 from its founders, has been the star of the lettings-dominated franchising giant for some time now.
Over the past six months the hybrid agency, which is famed for its green sheep logo, has helped TPFG increase overall revenues by 3% so far this year.
The group’s income from the fees paid to it by its franchisees hit a record £4.4 million during the first six months of the year, topped up to £5.5 million by revenues from other activities including franchise sales and ancillary operations linked to its other brands.
These are Martin & Co, Whitegates, Ellis & Co, CJ Hole and Parkers.
“We are pleased to continue to deliver revenue growth across both our high street brands and also our online brand, EweMove, in what has been a tough market,” says Chief Executive Ian Wilson (left).
“Although we have yet to see the full impact of the tenant fee ban which came into force on 1st June 2019, we are confident of the actions being undertaken by our franchise network to mitigate the impact on revenues.”
WILSON TO RETIRE
Wilson has announced that he is to retire from the company in 2020 after 16 years. He joined Martin & Co from Connells in 2003 and rose to be its Managing Director before getting the top job at TPFG.
Related: EweMove Franchise
“I have seen the company through its IPO and its successful years since,” he says.
“Throughout this time the business has shown the strength of its franchise model, the quality of its board and management team, and the resolve and determination to succeed of its franchisees.”
By Nigel Lewis
Source: The Negotiator