Change in Senior Management in EweMove

RNS Number : 8093A

Property Franchise Group PLC (The)

29 March 2017

 

The Property Franchise Group Plc

(the "Group")

Change in Senior Management in EweMove Sales and Lettings Limited

("EweMove")

The Property Franchise Group Plc, one of the UK's largest property franchises, today announces that David Laycock and Glenn Ackroyd, founders of the Company's EweMove subsidiary will leave their employment in the business on 30^th June 2017, with a consultancy agreement in place until 31^st December 2017 to ensure a smooth transition.

The Group completed the acquisition of EweMove on 5^th September 2016 paying an initial consideration of £8 million, split £5 million in cash and £3 million in ordinary shares.  The Company has renegotiated the deferred payment to two cash payments of £500,000, payable on 31^st July 2017 and 31^st December 2017.

Ian Wilson, Group CEO, commented:

"EweMove's dynamic brand image and "hybrid" on-line agency offering were the result of David and Glenn's entrepreneurial vision. The EweMove business has performed well since we acquired it and our strategy remains to scale it to be a truly nationally recognised property brand. We have also started to implement learnings from EweMove across the rest of the Group, with exciting results. David and Glenn are co-operating with a full handover of EweMove's technology platform.

The Group has already commenced the search for both a new Group Digital Marketing Director, and a Managing Director for EweMove, so that we can continue to accelerate the growth of EweMove and realise significant shareholder value."

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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

The Property Franchise Group Plc Ian Wilson, Chief Executive Officer David Raggett, Chief Financial Officer	01202 292829
Cenkos Securities plc Max Hartley (Nomad)	020 7397 8925
Bell Pottinger    David Rydell, Henry Lerwill	020 3772 2500

 

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