- Real estate company The Agency Group (AU1) will enter the Tasmanian market after agreeing to acquire Launceston-based Bushby Property Group
- Following the acquisition, The Agency – Team Bushby will be launched and will continue to operate from Bushby’s office in Launceston
- The acquisition consists of a $210,000 cash deposit paid on the date of the sale and purchase agreement, and a $4.19 million cash payment upon completion
- Completion is subject to finance approval, no material adverse events occurring and AU1 entering employment agreements with Directors Philip and Mark Bushby, and Eric Andersen
- Shares in The Agency have ended the day trading steady at 3.6 cents
Real estate company The Agency Group (AU1) will enter the Tasmanian market after agreeing to acquire Launceston-based Bushby Property Group.
The Bushby Group is one of Australia’s oldest family-owned real estate businesses and consists of nine sales agents, 32 staff and around 1300 properties.
Following the acquisition, The Agency – Team Bushby will be launched and will continue to operate from Bushby’s office in Launceston.
The Agency – Team Bushby will be led by Phillip and Mark Bushy as well as long-term shareholder Eric Andersen.
“After serving the Launceston community for over 100 years and over four generations, this is a significant move for the Bushby Property Group,” Bushby Managing Director Phillip Bushby commented.
“It’s a natural progression for our family business steeped in traditional values and we are pleased and excited to join with a business that’s leading the way in offering a new contemporary ‘direct model’ of engaging agents and customers.”
The acquisition consists of a $210,000 cash deposit paid on the date of the sale and purchase agreement, and a $4.19 million cash payment upon completion.
Completion of the acquisition is subject to finance approval, no material adverse events occurring and The Agency entering employment agreements with directors Philip and Mark Bushby, and Eric Andersen.
The Agency CEO and Managing Director Geoff Lucas said the company is “pleased to welcome another high-quality real estate brand to The Agency.”
“The Bushby Property Group is one of Australia’s oldest family-owned real estate businesses and their depth of experience and results align with our objective to bring the nation’s best real estate professionals together under our brand,” he added.
“This level of experience cannot be replicated and it’s why this partnership is so instrumental in helping our network secure a prominent and distinguished entry into the Tasmanian market.”
Shares in The Agency were steady on the market and were trading at 3.6 cents at market close.