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.