« Back to all posts

Letting agents ‘will scramble for exit as Government tightens its grip on sector’

Land Insight to 17 April NS

A number of letting agents could put their businesses up for sale rather than face the hard work and costs imposed by increasing legislation.

Ian Wilson, CEO of The Property Franchise Group, said that in the last week alone, franchisees have completed on three purchases of businesses looking for a quick exit.

He said: “We have a well-oiled machine and access to cash. When sellers want to move quickly, we can do it.

“The Government’s announcements at the weekend, about regulation of the industry and compulsory client money protection, although welcome and well-meaning, will probably be clumsily executed.

“It’s going to be a lot of work to stay in the lettings game.”

He said potential sellers should think hard about their best options.

The three newest purchases have all been by Martin & Co franchisees.

In Runcorn, TCG Residential has been sold to Stephen Hember of Widnes and Denise Griffiths of Liverpool South.

Wilson said that in that case, the seller wanted a quick sale, and achieved it. He wants to go round the world on his motorbike.

In Grantham, Philip Connor has bought Smart Lettings, and in Horsham, GL & Co Estate Agents have been acquired by David Nicholson of the Crawley office of Martin & Co.

x

Email the story to a friend

FREE
daily news
email from EYE

straight to your inbox

Join 20,000 industry colleagues
and subscribe to our free daily news email.


(You may unsubscribe at any time and we promise never to sell or pass on your email address)

Thank you! To complete the subscription, please click the link in the email we just sent you.

KREMER NSONE UTILITY BILL NSTDS NSNES NSOTM SkyscraperViewber 1 NSMY DEPOSITSACTIVE PIPE NSTPO CONF NSjobs board nsArena Push news story pages

[ comments ]

Source:: Letting agents ‘will scramble for exit as Government tightens its grip on sector’