Martin & Co rolls out virtual franchising model across UK
The managing director of national lettings franchise Martin & Co is rolling out a virtual franchise model as he calls time on the traditional high street agency model.
Ian Wilson (pictured) says: “The days of the high street are numbered, we just don’t know how long that is. It’s too much to ask people to dig deep for an office.”
A Martin & Co virtual franchise is priced at £30,000, which compares to the £80,000 currently required to launch the office-based model. Applicants are required to have £16,500 of their own funding, which they can top up with bank debt.
The group restructure is understood to be involving a change in software system. It will also require all new franchisees to become members of the custodial Deposit Protection Scheme, which retains deposits.
The network has until now used the Tenancy Deposit Scheme, which allows agents to retain tenants’ deposits.
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Readers' comments (2)
Ian Durham | 03/06/2011 7:48 am
Wow, is it only me or is that a massive bombshell for the 170 or so Martin and co offices around the country?
I do a fir bit of maintenance for a couple of them and they are spitting feathers. some have put over 100k in to the franchise (although it looks like a load have gone bust!) and now they are saying it's too much!
I think I'll see if I can find a lawyers who enjoys fighting franchisees corners and invest in them instead!
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Steve Buttery | 03/06/2011 12:57 pm
Existing and successful High Street based Martin & Co Franchisees such as myself are somewhat bemused to hear our Franchisor's MD apparently telling the world that our underlying business model is moribund. To paraphrase Mark Twain, reports of the imminent death of my own High Street based Martin & Co franchise are greatly exaggerated.
More recently launched Franchisees who have committed to the overheads of a High Street presence under the guidance of our Franchisor but are still in the process of building the necessary volumes of business to make it sustainable may well choose a different adjective to "bemused" when describing their reaction to Mr Wilson's apparent comments.
I think and hope that Mr Wilson's words have been taken somewhat out of context and trust he will be clarifying further in due course.
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