EweMove and Martin & Co parent firm sets up mortgage arm

January 22, 2020

The Property Franchise Group – which operates five High Street agency brands and the EweMove hybrid – has set up a financial services division.

 
It looks set to handle mortgages for the agency brands to offer clients.

TPFG has told its shareholders that it intends to pursue a “buy and build” strategy to develop this new division, targeting the acquisition of “quality financial services businesses which are relevant to the group’s core business.”

Related: Property and Estate Agent Franchises UK – What Buying an Estate Agency Franchise Means for UK Franchisees

This division will operate as a subsidiary TPFG and will service its existing franchisees.

“This strategy seeks to enable the [new] division to capitalise on the significant volume of leads generated by the core business, whilst the property franchisees are able to generate further revenue without adding to fixed overheads” says the franchise giant.

Related: Property & Estate Agency – Search Franchise Reviews Directory

Financial services will be available as a new franchise opportunity, with TPFG holding the master franchise rights and delivering to its franchisees a separate financial services brand, back office systems, a supply of “whole of market” mortgage products and a compliance function.

To kick start the division, TPFG has acquired a 72.25 per cent stake in Auxilium Partnership Limited, a protection advisory business.

Related: EweMove Franchise

Auxilium Partnership was launched by Mark Graves in March 2019 with the aim to enfranchise, educate and encourage intermediaries, such as mortgage brokers, to develop their protection business.

It’s been announced that Graves, who has 30 years experience in life assurance, will now lead TPFG’s financial services division.

By Graham Norwood

Source: Estate Agent Today

EweMove claims it’s UK’s fifth largest online agency – and is in profit

September 12, 2018

EweMove is the country’s fifth largest online agency group based on transactions, and continues to make a profit according to its owner, The Property Franchise Group.

In a trading statement to shareholders this morning TPFG described EweMove as a “challenger” online brand, stating that it had 114 franchise territories as at the end of June this year.

The statement says EweMove’s focus “remains on recruiting experienced estate agents as franchisees” – this appears to contradict a statement from EweMove itself, made just earlier this week, that it was pleased to welcome franchisees who had no agency experience at all.

This morning’s statement added that EweMove offered customers “a … proposition which they are familiar with, namely no-sale-no-fee, building on our enviable TrustPilot [review website] reputation.”

EweMove’s franchisee income rose to £920,000 from £500,000 a year earlier, and the statement says that “the group has benefitted significantly from the cross-fertilisation of EweMove’s digital expertise into the traditional brands.”

Related: Property Franchise Group brand snaps up independent agency’s lets

The rest of TPFG’s trading statement suggested a broadly successful first half of the year.

Revenue rose 17 per cent to £5.5m, compared to the same period of 2017, although pre-tax profit dipped slightly from £2.1m to £1.9m.

Operational highlights include a rise in the number of tenanted managed properties to 53,000 (up from 50,000 a year ago), plus the recruitment of 16 new franchisees and the opening of 15 new branches – taking the total network to 377, a slight drop on the previous year’s 383.

TPFG says it remains heavily weighted towards lettings, which accounts for 69 per cent of its fee income.

“Historically, the Group experiences stronger trading in the second half year, associated with heightened lettings activity in the period from June to September. We are seeing early indicators that this pattern will be maintained in 2018” explains Ian Wilson, chief executive officer of The Property Franchise Group.

“Thanks to our multi-brand strategy, strong balance sheet and robust cash flow we believe that we are well-positioned to outperform our competitors, increase market share and to deliver growth in value for all our stakeholders over the long term” he adds.

Source: Estate Agent Today