Industry boss acquires franchise group

Industry boss acquires franchise group

by 1 comments

One of Australia’s oldest real estate groups has been sold to its current managing director after almost 30 years of ownership by one family.

Richardson & Wrench announced today that the company has been acquired by managing director Andrew Cocks.

The sale concludes more than a year of negotiations between Mr Cocks and the Wong family, who have owned the Richardson & Wrench Group since 1988.

Mr Cocks said he looked forward to continuing to strengthen R&W and accelerate the growth plan that has been in place since he was appointed to the group in 2009.

“I have a real passion and belief in Richardson & Wrench and what it stands for,” Mr Cocks said.

“Over the past six years we’ve implemented strategies that have resulted in a dynamic and cohesive network and made it stronger for the future through being able to provide innovative business solutions to the industry,” he said.

“There is an incredible amount of goodwill within the network and a genuine sense of being part of an organisation that is highly competitive in the marketplace, but also collegial and supportive across the R&W group, where the emphasis remains on the customer and the communities in which we work.”

Outgoing chairman of Richardson & Wrench Holdings Neil Wong said a refocus of the group’s investments led to the decision to part with R&W after 27 years.

“We are very pleased that we have been able to reach an agreement for the change of ownership of R&W to Mr Cocks, as this will ensure that R&W has the necessary stewardship and focus to enable it to maintain its place as a significant player in the Australian real estate industry,” Mr Wong said.

Founded in 1858, Richardson & Wrench has an extensive franchise network in NSW and Queensland.

During his time as managing director, Mr Cocks has implemented a raft of changes to the group's operations, including restructuring the service offering to ensure that the network can obtain the resources, services and support they need in the rapidly changing environment, the development of innovative and more flexible business solutions to better suit the modern-day property professional and a major brand repositioning.

In a statement, the company noted that Mr Cocks has also worked in conjunction with the network to strengthen and reinforce the brand values that have defined Richardson & Wrench for more than 150 years.

Richardson & Wrench operates around 100 franchise territories in NSW and Queensland.

[Related: New digital platform helps franchise group enter regional markets]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?