Business
Master franchising agreement in India
Master franchising agreement in India.
About this update from M Winkworth Plc
[{"type":"text","content":"\n \nRNS Number : 0411F M Winkworth Plc 20 May 2013 \n\nM Winkworth plc\n(\"Winkworth\" or the \"Company\")\n \nWinkworth signs master franchising agreement in India\n \nWinkworth, franchisor of London's largest chain of residential estate agents, is pleased to announce a new venture into the international residential property market with the signing of a master franchising agreement in India and the opening of a new office in Bangalore.\n \nA master franchise for India has been agreed with Mr Narayanan Soundararajan with the ambition of seeing Winkworth franchised offices opening across all major cities in India. Besides the Bangalore office, which is to be opened and financed by Mr Soundararajan in May, two more offices in Chennai and Delhi are planned for 2013 on the same basis. Mr Soundararajan will manage the Winkworth Indian franchisor offices and, with extensive experience in real estate, is expected to be a great asset to the Winkworth team. Having worked as Managing Director for RBS in India during his career in investment banking, he also has considerable experience of working with an established and respected brand in a foreign market.\n \nThe main directive of the agreement is to create a network of franchises in India based on the UK model of franchised estate agency, with customer service being paramount. Focused primarily on the domestic Indian housing market, the new franchised offices will work for only one party in each transaction rather than for both sides, marking a departure from the existing practice in India. The franchised offices will additionally look to build close relationships with respected and credible developers in India that are able to deliver quality products on time.\n \nIn collaboration with Winkworth's UK network, the Indian franchised offices will also be able to offer support and advice to prospective clients looking to buy in the UK, thus making the buying process as simple and stress free as possible. This will also be available to buyers in the UK looking to invest in real estate in India. With strong links between India and the UK, Winkworth has high expectations for this cross-over into a fast developing market. As Richard Woolf, director of Winkworth St John's Wood, commented, \"We have always seen a high demand from Indian buyers in London and t...