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McGrath Limited has made an important acquisition in the heart of one of the country’s most lively markets, entering into an agreement to purchase the business and assets of a prominent agent on Sydney’s Lower North Shore, as it continues to execute its market recovery strategy.
The company has acquired the business and assets, including the rent roll, of a real estate business owned and managed by John McManus, currently operating as LJ Hooker Willoughby | Artarmon.
The company said in an ASX announcement that the total consideration is expected to amount to approximately $2 million, and will be settled in cash pursuant to an agreement that is expected to be completed in May 2019.
CEO Geoff Lucas said that McGrath is excited to welcome Mr McManus back.
“We expect that he will make a significant contribution to our Lower North Shore business,” he said.
“Having worked with John previously, I believe he is a great example of the style of agent that McGrath will seek to recruit in the future. John is without doubt an elite performer within our industry, and has an outstanding depth of knowledge with respect to the Lower North Shore market, where he has lived for over 20 years.”
McGrath said that Mr McManus returns to the company after having been its number one agent in FY2011, and ranking in its top 10 for several years.
It said that Mr McManus left the company to become principal and licensee of LJ Hooker Willoughby | Artarmon in January 2014, where he was awarded the title of Top Sales Agent for NSW/ACT in 2018 and No. 1 World Champion Sales Person for its international division.
Mr McManus praised the McGrath business.
“McGrath is a company where I, like many high-performing agents, started their career and honed their skills,” he said.
“Much of what I have achieved today emanates from McGrath’s leadership, training and systemised approach to selling real estate, and today, more than ever, their offering continues to be unique.
“I have a passion for the company and what it represents in terms of honesty, integrity and ethics, so I see this as a great opportunity and potential not only for me and my team, but also for my clients.”
Mr McManus was also full of praise for LJ Hooker, saying that the decision to move had been “extremely” difficult and had nothing to do with the performance of the LJ Hooker brand.
“[The sale to McGrath] is both a personal and commercial decision to provide me with a more suited business model and succession plan in the future,” he said through LJ Hooker network chief Graeme Hyde to the franchise owners.
“I would like to thank the LJ Hooker board who have worked with me over the last few months to seek a suitable outcome for both parties. I have thoroughly enjoyed being part of the LJ Hooker network over the last few years, and I would like to thank [fellow business owners] for [their] friendship and support.”
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