Property franchise MartinCo set for renewed growth after purchase of competitor franchise chain
£6m acquisition of Legal & General's Xperience brand will add an additional 48 franchise areas to its network with potential for further development
AIM-listed property franchise MartinCo plc has expanded its franchise network with the purchase of the entire property franchise arm of Legal & General – Xperience- a move which will expand its franchise territories to 282 offices across the country with an additional 44 areas.
Acquired for an estimated £6m, Xperience is a lettings and estate agency group which has 89 offices and 75 franchisees and 11,000 managed properties – assets which will now “substantially” boost MartinCo’s portfolio.
The deal also sees Xperience’s managing director Michael Stoop join the group as managing director.
Established over 25 years ago, MartinCo claims to be the UK’s largest property and lettings chain with 20% growth year on year.
Claiming to offer the opportunity to “take control of your life, make money and build an asset for the future”, the chain has franchise packages available for an initial fee of £18,500 including VAT with earning potential of £245,000 based on a three year income.
MartinCo plc chief executive, Ian Wilson, discussed the opportunities for franchise growth following the acquisition:
“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.
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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 Group will own five franchise master licences and each of its five brands has the potential for further development.”