Change in Senior Management in EweMove

Released : 29 Mar 2017 07:00

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 30th June 2017, with a consultancy agreement in place until 31st December 2017 to ensure a smooth transition.

 

The Group completed the acquisition of EweMove on 5th 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 31st July 2017 and 31st 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."

 

-Ends-

 

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

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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