Shares in The Property Franchise Group sank 3.6% yesterday to 134p after rival Belvoir called off its proposed merger bid – a deal that TPFG had rejected from the outset, saying it under-valued its business.
Meanwhile, share prices in estate agency franchising firm Hunters sank to a new low.
Belvoir had put £33.7m on the table in its flirtation with TPGF.
Yesterday, TPFG’s market capitalisation stood at £35.63m.
Belvoir shares also went down, by some 2%, to 99p. Belvoir’s market valuation was almost identical to that of TPFG’s, at £35.3m.
Separately, Purplebricks shares continued their volatility, sliding almost 4% over the day to finish just above the 300p mark.
Less well reported has been the downward trend in Hunters’ shares, which yesterday reached an all-time low of 43.5p, valuing the firm – co-founded by MP Kevin Hollinrake – at under £13.8m. Like Belvoir and TPFG, Hunters’ model is franchising and it has continued to expand through new sign-ups.
Comments (2)
The problem is that if they put a story on here about PB share price falling certain people in here get very upset and start throwing around accusations of singling out PB when other share prices fell as well.
So which estate agency shares didn’t fall yesterday?
Biggest fall reported here was Purple Bricks and the Hunters decline, though both without headlines. The falls in both Belvoir and PFG shares were less than that, and it’s pure and probably inaccurate guesswork to link it to Belvoirs decision to stop pursuing PFG.