Hunters Property to be sold in £25m deal

Estate agent Hunters Property is to be bought by a rival firm in a £25m deal which will bag Kevin Hollinrake, the high profile Conservative MP for Thirsk and Malton, over £3m if shareholders approve it.
Kevin Hollinrake co-founded Hunters in 1992Kevin Hollinrake co-founded Hunters in 1992
Kevin Hollinrake co-founded Hunters in 1992

York-based Hunters has reached an agreement with larger rival, The Property Franchise Group (TPFG).

Mr Hollinrake, who co-founded Hunters in 1992, owns a 13.28 per cent stake in the company.

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Under the terms of the acquisition, for each Hunters share, Hunters shareholders will be entitled to receive 0.1655 new TPFG shares and

43.2p in cash.

The deal values each Hunters share at 74.9p and the entire share capital of Hunters at £25.2m, which represents a premium of 28 per cent on the closing price per Hunters share of 58.5p on December 3 (the day before the initial approach was made).

Richard Martin, TPFG's non-executive chairman, said: "I am delighted to confirm that we have reached an agreement with the Hunters board and major Hunters shareholders on the recommended acquisition of Hunters. We believe that the acquisition represents a compelling opportunity for all shareholders.

"Hunters, with its reputable brand, experienced management team, trusted franchisees and strength in residential sales, is complementary to our current offering. The acquisition will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders."

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Mr Hollinrake, chairman of Hunters, said: "We founded Hunters almost three decades ago with a single small office in York and a huge ambition to offer a brilliant service to our customers and to become the nation's favourite property agency.

"Our ambition for our customers and our brand is undimmed and we see this consolidation as the vital next step that allows us to invest in the services, training and technology our customers and franchisees need.

"The success we have achieved is a tribute to the incredible efforts of the thousands of people who provide the service on the ground and the passion and commitment of our management team. I am so grateful, and indeed moved, that every member of our network remains faithful to our original vision and values and I know that they will continue to do so."

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