Business
Acquisition of The Mortgage Genie
Acquisition of The Mortgage Genie.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0439L\n Property Franchise Group PLC (The)\n 08 September 2021\n \n \n \n \n 8 September 2021\n \n \n THE PROPERTY FRANCHISE GROUP PLC\n \n \n (\"TPFG\", the \"Company\" or the \"Group\")\n \n \n Acquisition of The Mortgage Genie\n \n \n Delivering strategic growth in the Financial Services Division \n \n \n \n \n \n The Property Franchise Group PLC, the UK's largest property franchisor, is delighted to announce the acquisition of 80% of the issued share capital of The Mortgage Genie Limited (\"TMG\") (\"the Acquisition\"). The initial consideration is £400,000 with an estimated additional payment of c.£90,000 once the post completion process has been satisfactorily finalised.\n \n \n \n \n \n TMG is a mortgage broker operating as an Authorised Representative of the PRMIS mortgage network which is owned by LSL Property Services Limited (\"LSL\").\n \n \n \n \n \n The acquisition is in line with TPFG's strategy to grow the number of financial services advisers serving its network and its strategic partnership announced with LSL on 27 April 2021. The Acquisition demonstrates TPFG's commitment to developing its financial services income stream and providing the capacity required to serve its franchisees with mortgage and protection services. \n \n \n \n \n \n TMG offers digitally enabled and tailored mortgage and protection services to a growing client base including the franchise network of TPFG's hybrid brand, EweMove. Founded in 2016 by Matt Stevens, who will continue to lead the business, TMG is fully invested in delivering on the long-term vision to grow its advisor capacity, develop its call centre capabilities and significantly grow its protection income. The business currently employs 17 people including 10 advisers and, with the support of TPFG, this growth will be supported and accelerated. \n \n \n \n \n \n In the year to 31 July 2020, TMG generated £950,000 of turnover and £71,000 of profit before tax and, with the improvement in the market since then, management are confident of exceeding that performance in the financial year ended 31 July 2021.\n \n \n \n \n \n \n Gareth Samples, Group Chief Executive Officer of The Property Franchise Group said:\n \n \n \"The Acquisition of TMG demonstrates our commitment to strategically grow \n \n \n the Grou...