MartinCo Plc brings EweMove into the flock

MartinCo Plc brings EweMove into the flock
MartinCo Plc has officially welcomed a sixth brand to its network.

The £15m deal with EweMove includes an initial £5m cash payment upon competition, followed by the issue of £3m new ordinary shares and a final payment of £7m subject to performance.

Based in Cleckheaton, West Yorkshire, the award-winning EweMove team add 90 franchisees to the Group, as well as their unique brand identity, creative ethos and customer service focused outlook.

Ian Wilson, CEO of Martin & Co, explains how the new investment will shape the future, "We see the Acquisition as complementary to the wider Group strategy with the hybrid model, a people business which combines an online platform with truly local presence and customer service focus, differentiating it from other online offerings."

Ian continued, "Our stable of six property brands now includes a UK-wide lettings business, four strong regional players with brand provenance dating back to 1850 and now a "hybrid" agency.

"Martin & Co continues to be focused on creating value for shareholders by leveraging its scale and over 30 years' experience as a franchisor to build a significant share of the UK residential lettings and estate agency market."

"I'm delighted to welcome EweMove's management to the senior executive team. Their insight will be invaluable in developing our use of on-line marketing techniques and technology across the Group."

Glenn Ackroyd and his co-founder, David Laycock, established the renowned brand just two and a half years ago. Today, the partners, are embracing the new venture, "Martin & Co is a forward looking company and we are hugely excited about the opportunities that this transaction brings. We look forward to working with the Martin & Co team and are confident that the enlarged group will be able to progress strongly with its broadened range of offerings within the market place."

EweMove joins CJ Hole, Ellis & Co, Parkers and Whitegates which were acquired by Martin & Co in 2014 - a venture which has since proven to be extremely successful.