House sales record for Hambro
Friday 07 March 1997
The announcement accompanied results showing that the company made a record pounds 30.8m of taxable profits in 1996, a stark contrast to the pounds 3.9m of losses incurred the previous year and 23 per cent higher than the old record of pounds 25m set in 1987.
Harry Hill, managing director of Hambro Countrywide, said the group sold 12,000 houses in February, 26 per cent more than the same month in 1996.
"March started extraordinarily well too," he said, painting a bullish outlook for this year.
Hambro Countrywide, 52 per cent owned by merchant bank Hambros, yesterday made its first push into the buoyant London housing market by buying Faron Sutaria, an estate agency and letting business, for pounds 7.45m.
The deal had been struck after just six weeks after a "chance" meeting, Mr Hill said. Faron Sutaria would open four more offices across London this year with a further five or six the following year, he said.
He also hinted at further acquisitions, particularly of lettings businesses that can provide steadier income streams than estate agencies. However, he said Hambro Countrywide was talking to any potential targets.
Mr Hill said Hambro had "pinched other people's business" last year as its businesses increased by 28 per cent compared with a 9 per cent rate of increase across the UK housing market generally.
Its mortgage advisers and financial products consultants based in estate agents sold a record 25,729 mortgages, a rise of 72 per cent on 1995.
- 1 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 2 Ben Affleck asked TV chiefs to hide slave-owning ancestry, new hacked Sony emails published by Wikileaks claim
- 3 Driving while dehydrated can be just as dangerous as drink driving, study suggests
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
- 5 One Direction: Louis Tomlinson launching his own record label, has already 'signed two acts'
Isis video purports to show beheadings and execution at gunpoint of 30 Ethiopian Christians and destruction of churches in Libya
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Professional big game hunter Ian Gibson crushed to death by elephant during hunt
Driving while dehydrated can be just as dangerous as drink driving, study suggests
Ben Affleck asked TV chiefs to hide slave-owning ancestry, new hacked Sony emails published by Wikileaks claim
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...