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(Alliance News) - Property Franchise Group PLC on Tuesday said it has launched a new financial services division and appointed Mark Graves to the new role of financial services director, a non-board position.
The AIM-listed regional estate and letting agencies operator said the division was created to target the acquisition of quality financial services businesses.
To seed the division, Property Franchise Group said it has acquired a 72% stake in Auxilium Partnership Ltd, a protection advisory business, for a non-material sum. It was launched by Graves in March 2019 with the aim to enfranchise, educate and encourage intermediaries, such as mortgage brokers, to develop their protection business, making it a core part of every mortgage and finance recommendation.
Auxilium Partnership - which has no debt and is cash generative - is the first business in the newly formed subsidiary, Aux Group Ltd.
Graves has previously served as managing director at Sesame Bankhall Group, head of Network at Pink Network and managing director at Linear Financial Services.
"We are delighted to welcome Mark to the group as financial services director. His industry credentials are top drawer, and he has both the contacts and commercial acumen to help us identify the winners as we scale our broker network," said Property Franchise Group Chief Executive Ian Wilson.
He added: "Our financial services division will focus on generating a high quality of earnings and improved operating margins compared to the sector average."
Property Franchise Group shares were trading 7.3% higher in London on Tuesday at 216.80 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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