Property Franchise Group shares soar after FS launch
The Property Franchise Group’s shares have soared on the London Stock Exchange after the company announced that it had set up a “buy and build” financial services division.
The company share price peaked at 216.00 GBX yesterday, rising by nearly 9% from 198.40 GBX on Monday, which clearly underlines the value placed in financial services.
The newly formed Aux Group Limited, which is majority owned by the Property Franchise Group, is set to acquire different financial services businesses to establish a franchise operation.
Spearheading the development is Mark Graves, who is now financial services director of the Property Franchise Group and director of Aux Group.
The first company to be acquired by the Aux Group is Graves’ Auxilium Partnership, which he set up in March 2019 as a protection distribution market for networks and mortgage clubs.
The acquired companies are likely to be associated with mortgages and protection.
Graves said: “I’m excited about working with The Property Franchise Group to see what we can achieve together.
“This is going to change the way financial services is used by working in a different way to support property businesses.”
Graves is a strong proponent for income protection to be offered alongside the mortgage sale, to ensure people can afford to pay their loan should they be unable to work through sickness.
He previously championed the cause as managing director at Sesame Bankhall Group, head of network at Pink Network and managing director at Linear Financial Services.
Graves added: “The common thread with these businesses is they will have to embrace protection, as well as follow our culture and processes.”