Property Franchise Group PLC (The) Launch of new Financial Services Division (6605Z)
January 14 2020 - 1:00AM
UK Regulatory
TIDMTPFG
RNS Number : 6605Z
Property Franchise Group PLC (The)
14 January 2020
14 January 2020
THE PROPERTY FRANCHISE GROUP PLC
("TPFG", the "Company" or the "Group")
Launch of new Financial Services Division
The Property Franchise Group PLC (AIM:TPFG), one of the UK's
largest property franchises, is pleased to announce that it has
launched a new financial services division and appointed Mark
Graves to the new role of Financial Services Director, a non-board
position.
The Group 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 and directly authorised by the FCA. This division
will operate as a subsidiary of the Group and will service the
Group's existing franchisees.
This strategy seeks to enable the financial services 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.
To harness the franchisees' full commitment it is the Group's
intention to make financial services available as a new franchise
opportunity, with the Group 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.
As part of this new strategy and to seed the division, TPFG has
acquired a 72.25 per cent. stake in Auxilium Partnership Limited, a
protection advisory business, for a non-material sum. Auxilium
Partnership is the first business in the newly formed subsidiary,
Aux Group Limited. 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, making it a core part of every mortgage and
finance recommendation. The Company has no debt and is cash
generative.
Mark Graves has 30 years' experience at a senior level in the
life assurance sector, with FCA authorisation. He has held roles as
Managing Director at Sesame Bankhall Group, Head of Network at Pink
Network and Managing Director at Linear Financial Services.
Ian Wilson, Chief Executive Officer of The Property Franchise
Group, commented:
"We are delighted to welcome Mark to the Group as Financial
Services Director. His industry credentials are top drawer, and he
has both the contacts and commercial acumen to help us identify the
winners as we scale our broker network. With the knowledge that
protection assurance sales are key in bringing about improved
operating margins for brokers, we are very pleased to have a
protection advisory business joining us as our first financial
services acquisition.
"Our Financial Services division will focus on generating a high
quality of earnings and improved operating margins compared to the
sector average. We look forward to updating shareholders on its
development in due course."
For further information, please contact:
The Property Franchise Group PLC
Ian Wilson, Chief Executive Officer
David Raggett, Chief Financial Officer 01202 292829
Cenkos Securities plc
Max Hartley, Callum Davidson (Nominated Adviser)
Julian Morse (Sales) 0207 397 8900
Alma PR
Susie Hudson
Rebecca Sanders-Hewett 0203 405
Jessica Joynson 0205
About The Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is one of the
largest property franchises in the UK. The Company was founded in
1986 and has since grown to a diverse portfolio of six brands
operating throughout the UK, comprising longstanding high-street
brands and a hybrid, no sale no fee agency.
The Property Franchise Group's brands include:
-- Martin & Co: a national lettings focused brand
-- EweMove: a national, digitally enabled, hybrid sales and
lettings brand
-- CJ Hole: a full-service estate agency serving the West
Country for 151 years
-- Ellis & Co: a full-service estate agency serving London
for 168 years
-- Parkers: a full-service estate agency serving the M4 corridor
for 70 years
-- Whitegates: a full-service estate agency serving the Midlands
and North of England for 40 years
Headquartered in Bournemouth, UK, the Company was listed on AIM
on the London Stock Exchange in 2013. More information is available
at www.propertyfranchise.co.uk
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END
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