Countrywide Acquires U.K. Franchise for Sotheby's International Realty Brand
Marketwire - March 10, 2010 - Sotheby's International Realty Affiliates LLC today announced the signing of an exclusive 25-year licensing agreement for the United Kingdom with Countrywide, the U.K.'s largest estate agency and property services group.
Under the agreement, Countrywide has the exclusive license to the Sotheby's International Realty® brand across the United Kingdom and Channel Islands. Countrywide will create a new subsidiary called United Kingdom Sotheby's International Realty to operate its new luxury brokerage business in those regions. As part of the transaction, Countrywide acquired the Sotheby's International Realty - London office in Mayfair, previously owned and managed by NRT LLC, the largest owner and operator of real estate brokerages in the United States. The office will be renamed London Sotheby's International Realty.
"This is a major step forward in our worldwide growth plan," , Sotheby's International Realty Affiliates LLC. "This agreement will enable the Sotheby's International Realty brand to expand significantly in London and throughout the United Kingdom. The leadership of Countrywide is very talented and committed to growing our presence steadily over the next several years."Michael R. Good, president and chief executive officer Sotheby's International Realty Affiliates LLC
The Sotheby's International Realty network has approximately 500 offices in 38 countries and territories worldwide. Franchise affiliates benefit from an association with the world-renowned Sotheby's Auction House, established in 1744.
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"Countrywide moves more people than any other agent in the United Kingdom through a network of 1,200 offices with 41 leading estate agency brands," . "We plan to expand the presence of the Sotheby's International Realty brand in central London and across the United Kingdom and to capitalize on the renewed sense of confidence we see in the property market. While this new business will be run separately from our other brands, we intend to leverage the support of our existing business structure. We also look forward to collaborating closely with the Sotheby's Auction House in London as we develop our strategies."Grenville Turner, Countrywide Group Chief Executive
Countrywide has seen growth in its U.K. market share over the last year, and believes this agreement provides the platform for additional expansion. "The Sotheby's International Realty brand is iconic and offers a huge potential for quality growth," said Robert Scarff, managing director, Countrywide Estate Agents. "The strength of the U.K. property market for foreign investors makes this an ideal situation for us."
"The agreement offers the opportunity to be part of a larger network of offices across the United Kingdom. "I'm thrilled with this news as Countrywide is the biggest player in the market with the energy and power to help us grow a U.K.-wide network," said Smith, whose tenure with the Sotheby's International Realty brand surpasses 10 years. "This offers potential to grow across prime locations and signals a new and exciting chapter in our history."According to Charlie Smith, managing director, United Kingdom Sotheby's International Realty
About Sotheby's International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744.
About Countrywide
Countrywide plc is widely acknowledged as the leading provider of all services relating to residential property in the UK – including Estate Agency, Mortgage and related Financial Services, Lettings, Conveyancing and Surveying.
The group was formed in 1986 when the first two UK Stock Exchange listed estate agency groups , Bairstow Eves and Mann & Co., were acquired by Hambros Plc [ a British bank based in London. The Hambros bank was a specialist in Anglo-Scandinavian business with expertise in trade finance and investment banking, and was the sole banker to the Scandinavian kingdoms for many years. The Bank was sold in 1998, and today survives only in the name of the private banking division of the French group Société Générale, which is called SG Hambros Bank ]and merged to form Hambro Countrywide PLC. In 1988 Hambro Assured was established, the first life insurance company to be wholly owned by an estate agency group, and at the time the biggest life company start-up in the UK.
Growth has been mainly through acquisitions, including the creation of the largest residential surveying and valuation business in the UK when Nationwide Estate Agents and Nationwide Surveyors were acquired from Nationwide Building Society In October 1994.
Further outlets were added to the Group’s growing network of branches, including Spencers from National & Provincial Building Society[ demutualised building society taken over by Abbey National, 5 August 1996 (ceased trading under this name)]. in 1995, Faron Sutaria, PKL (a leading London residential lettings business) and John D Wood in 1997 and 1998, the estate agency business of Friends Provident in 2002, Freeman Forman and the estate agency business of Bradford & Bingley in 2004. Acquisition has also encouraged development of the largest UK specialist sales unit for Land and New Homes, whereby developers’ new homes are offered by as many as 1,200 prominently located, multi-branded estate agency branches.
To further widen the distribution of our retail financial service products, it was decided in 2000 to provide independent estate agents the opportunity to take a franchise, to trade in their own area as Bairstow Eves, and offer Group retail financial products to their own clients and customers. The Group has high ambitions to add several hundred franchised offices to the network over coming years.
In 1998, the Group’s major shareholder Hambros Plc de-merged, the shares passed into a widespread range of Institutional investor’s hands and the name of the Group was changed to Countrywide Assured Group plc with our Life Assurance subsidiary renamed Countrywide Assured. In 2002 the Group signed a 15 year distribution agreement with Friends Provident to provide all ABI regulated life products to be sold through our estate agency based financial services sales force. Countrywide Assured was put into run-off and in May 2004, changed its name to Chesnara plc, was de-merged from the Group and floated on the London Stock Exchange as a separate entity.
In May 2007 Countrywide plc was acquired by the private equity finance group Apollo Management LP [one of the
A Scheme of Arrangement was implemented in May 2009 which restructured the Group's debt and equity and left it in a strong financial position. Following this restructuring, the principal investors in the Group are Oaktree Capital Management L.P, Apollo Management L.P, Polygon Global Opportunities Master Fund and Alchemy Special Opportunities Fund
Countrywide's award-winning service has earned the business 29 high-profile industry awards in the last two years, which include Best Estate Agency, Best Letting Agency and Best Land & New Homes Agent of the Year at the 2009 Negotiator Awards, and Best Surveyor & Valuer at the 2009 Mortgage Strategy Awards. Customers also voted Countrywide Best Estate Agent at the 2009 Estate Agent & Letting Agent of the Year Awards.Countrywide, was also one of the RE agencies behind the launch No1 UK portal rightmove.co.uk in 2000, it has already signed to list all its offices with rightmove.co.uk until 2012. Early in 2009, Countrywide also set up an agreement with The Digital Property Group to list all its properties on TDPG’s portals.-Primelocation.com, FindaProperty.com, Globrix.com and FindaNewHome.com
About Propertywide.co.uk
Propertywide.co.uk is Countrywide plc’s dedicated property website. Created to provide online access to all our estate agency, lettings and property related services, Propertywide.co.uk has been designed with the consumer at heart.
Propertywide.co.uk’s innovative property search facility provides access to thousands of properties for sale and rent across the UK. It combines comprehensive property information with professional property services including; mortgage services, conveyancing and surveying.
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