Estate agency plans flotation

Estate agency group Hunters has announced it is looking to float on AIM, the London Stock Exchange’s market for smaller growing companies later in the year.

York-based Hunters hopes the flotation will enable it to expand to over 500 offices in five years time.

Hunters will aim to raise funds privately on a pre-IPO basis by inviting investors, including both staff and partners, to buy shares. It is looking to raise up to £2.5m of new equity, to enable it to accelerate further growth.

Kevin Hollinrake, chairman of Hunters, said: “This is an exciting time for us as we continue to drive forward our growth initiatives for expansion and to ultimately achieve being the UK’s favourite estate agency. With access to further capital, we see significant opportunity to increase our penetration in the UK, strengthen our position as one of the leading UK estate agency brands and open further branches in continental Europe.”

Hunters is one of the major players on the national property scene having opened its first branch 22 years ago in York. The network is mainly franchised and now has 128 branches nationwide in cities across the UK including London, Birmingham, Leeds, Leicester, Manchester, Middlesbrough and Liverpool. In 2014, Hunters opened 31 branches and increased overall income by over 40 per cent.

The business is co-owned by Mr Hollinrake and John Waterhouse, who started the business 22 years ago.

Mr Hollinrake is set to stand as a candidate for the Conservative Party for the Thirsk and Malton constituency.

In preparation for the floatation Mr Hollinrake has handed over the role of managing director to Glynis Frew, who was the operations director. But he will continue as chairman of the business.

Harry Hill, who is currently a non-executive director, and was the former CEO of Countrywide, will join the Board as CEO, principally with the responsibility of guiding Hunters through the flotation process and helping the company adjust to public ownership.

Martin Robinson’s role now formally expands to national sales director, co-founder John Waterhouse remains as President; Ed Jones, finance director will take responsibility as CFO.