John McGrath looking ‘very closely’ at ASX listing

John McGrath looking ‘very closely’ at ASX listing

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11 August 2015 by Nick Bendel 0 comments

McGrath Estate Agents could gain access to millions of dollars in funding if it follows through on a possible plan to go public.

Speaking yesterday at an Aussie Home Loans panel discussion, chief executive John McGrath said the group has explored the idea of listing on the Australian Securities Exchange.

“It is an option. We are considering it,” he told panel host Ross Greenwood.

Mr McGrath said that “in every business nowadays you need that beautiful combination of scale and flexibility”.

“I think in our industry… scale, acquisition, consolidation within the real estate sector is now really prime time. It’s going to happen – it’s happened overseas,” he said.

“It’s an exciting option for us and we’re really looking at that very closely.”

McGrath Estate Agents has 68 offices in NSW, Queensland and the ACT. Selling part of the company could generate millions of dollars that could be used to fund any expansion plans.

McGrath Estate Agents posted record residential sales volumes of $12.3 billion in 2014/15.

That was 21.8 per cent higher than the $10.1 billion result recorded in 2013/14 and 75.7 per cent higher than the $7.0 billion result from 2012/13.

Mr McGrath was speaking at an Aussie Home Loans sales conference alongside Aussie founder John Symond and Westpac chief executive Brian Hartzer.

[Related: ASX-listed gold miner acquires multi-state real estate group]

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