M Winkworth plc
("Winkworth" or the "Company")
Winkworth signs master franchising agreement in India
Winkworth, franchisor of London's largest chain of residential estate agents, is pleased to announce a new venture into the international residential property market with the signing of a master franchising agreement in India and the opening of a new office in Bangalore.
A master franchise for India has been agreed with Mr Narayanan Soundararajan with the ambition of seeing Winkworth franchised offices opening across all major cities in India. Besides the Bangalore office, which is to be opened and financed by Mr Soundararajan in May, two more offices in Chennai and Delhi are planned for 2013 on the same basis. Mr Soundararajan will manage the Winkworth Indian franchisor offices and, with extensive experience in real estate, is expected to be a great asset to the Winkworth team. Having worked as Managing Director for RBS in India during his career in investment banking, he also has considerable experience of working with an established and respected brand in a foreign market.
The main directive of the agreement is to create a network of franchises in India based on the UK model of franchised estate agency, with customer service being paramount. Focused primarily on the domestic Indian housing market, the new franchised offices will work for only one party in each transaction rather than for both sides, marking a departure from the existing practice in India. The franchised offices will additionally look to build close relationships with respected and credible developers in India that are able to deliver quality products on time.
In collaboration with Winkworth's UK network, the Indian franchised offices will also be able to offer support and advice to prospective clients looking to buy in the UK, thus making the buying process as simple and stress free as possible. This will also be available to buyers in the UK looking to invest in real estate in India. With strong links between India and the UK, Winkworth has high expectations for this cross-over into a fast developing market. As Richard Woolf, director of Winkworth St John's Wood, commented, "We have always seen a high demand from Indian buyers in London and this agreement will only strengthen the relationship we have."
"We are very excited about entering the Indian property market and working with Mr Soundararajan" comments Dominic Agace, CEO of Winkworth. "The Indian property market has gone from strength to strength over the last decade and is now considered to be one of the most vibrant real estate markets in the world. We therefore hope that bringing our established and respected brand to this market will prove to be a great success."
Mr Narayanan Soundararajan, commented, "India is a rapidly growing real estate market, particularly in the luxury segment, so there is a great opportunity for an international brand like Winkworth, that combines global expertise and local knowledge, to enter the market. I was drawn to the interesting blend of traditional values and contemporary thinking that Winkworth stands for and believe this is the primary reason the brand fits in well with the Indian consumer. We will be able to promise our customers a very local experience of very high professional and ethical standards with the strength of an international network and brand behind us."
For further information please contact:
M Winkworth Plc |
Tel : 020 7355 2866 |
Dominic Agace (Chief Executive Officer) |
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Chris Neoh (Chief Financial Officer) |
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Susannah Sheppard (Corporate PR) |
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Milbourne |
Tel : 020 7920 2367 |
Tim Draper (Financial PR) |
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FinnCap |
Tel : 020 7220 0500 |
Matthew Robinson/Rose Herbert (Corporate Finance) |
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Stephen Norcross/Mia Gardner (Corporate Broking) |
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About Winkworth
Winkworth is a leading franchisor of residential real estate agencies and is admitted to trading on the AIM Market of the London Stock Exchange.
Established in Mayfair in 1835, Winkworth has a pre-eminent position in the mid to upper segments of the central London residential sales and lettings markets. In total, the company operates from over 90 offices in the UK and Portugal, having doubled in size in recent years.
The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a well-respected brand name and to benefit from the support and promotion that Winkworth offers. Franchisees deliver in-depth local knowledge and a highly personalised service to their clients.
For further information please visit: www.winkworthplc.com
