Nine years after buying boutique New South Wales real estate agency Laing+Simmons, Dexar Group has sold it to a partnership comprising 15 network members, amongst them, managing director Leanne Pilkington.
The purchase price is as yet undisclosed.
Laing+Simmons operates out of 43 offices.
Some other high-profile agents buying in are D’Leanne Lewis (pictured, right), Ray Fayad, Robert Paridis and Nicholas Efrossynis.
“The purchase…highlights the confidence we have in the business and the potential for growth we see in the future,” Ms Pilkinson said.
“When the opportunity to acquire [the agency] arose, the demand among franchisees was strong and the offer was fully subscribed quickly, demonstrating the belief in the brand” the executive, who is also the Real Estate Institute of NSW president, added.
“We recognise the industry is undergoing rapid evolution, which means franchising needs to evolve as well.
“No-one is better placed to understand the needs of today’s business owners than agency principals, who operate at the local coal face every day (story continues below).
“The new shareholding group is very diverse, in relation to age, location and of course gender.
“This will ensure a holistic direction is set for the business which welcomes and benefits a broader demographic of network partners and their teams.
“This diversity will underpin our future growth as well look to grow the Laing+Simmons network in select metropolitan and regional locations in 2021 and beyond.
“This internal acquisition means we have skin in the game”.
Laing+Simmons will continue to adopt the franchisee model.
The agency was established in 1967.
Dexar is Canberra based.