Griffin & Co is an Estate Agency run by Sean Griffin with a sales office in Newbury, Berkshire. It was incorporated as Griffins Estate Agency Limited in October 2014 but didn’t start to establish itself until later in 2015 having secured funding from the directors.
Sean has been working in estate agency since 2003 and has currently been running the company for the last 5 months.
Sean attained the level of area manager in his last role but assessed a gap in the market place in Newbury that Griffin & Co could fill.
Newbury currently has no corporate agents, those national agents that there are tend to be agents that deal with the 'top end' of the market e.g. Savills & Hamptons International. The majority of the other agents are independent one-office companies.
All these companies have one thing in common - they all have a high street office! This is where Griffin & Co have seen a gap. More and more towns are having new agencies set up and make a strong stake in the market. These agencies are offering all the marketing tools of a traditional agency without the overhead of a high street office.
One of the biggest single overheads that an agency has is their high street presence. Griffin & Co will lose this vast overhead and pass this saving onto their clients whilst achieving a similar profit margin. This lower, 'more affordable' and more attractive agency fee coupled with all the marketing tools of a 'traditional' agency will allow us to establish a strong foothold in a local market place that has not seen the introduction of 'fresh' competition for some time.
The business has already prepared accounts for its first period which was mostly inactive and in Year 1 is projected to breakeven but becoming profitable in Year 2. A “start-up“ of £25K is sought to enable to company to operate in addition to capital and a loan totalling £30K already made into the business.
Our agency will just offer three core services as follows:
- Property sales
- Conveyancing referral services
- Financial services referrals
The business is located in the centre of Newbury, in a serviced office which means that we have lower overheads than our competitors – a saving we can pass on to our clients. With our office positioned as they are, our clients are still able to find us ‘On The High Street’, as they are used to doing. Our central position also not only attracts passing customers but is home a large number of businesses with numerous employees and has ample parking. Due to the positioning of Newbury, Griffin & Co will be able to infringe upon the markets of towns such as Andover, Basingstoke and Reading. This will give us a larger market place in which to ‘take-on’ properties.
There is no limit on individual investment, but for every £20 a person pledges, 1 share will be issued. If you pledge £30 then 1 share will be issued, but if you pledge £40 then 2 shares will be issued. £25,000 equates to 1,250 share which is 8.33% of the company's current valuation.