Winkworth has revealed that it has not renewed franchises on offices “where our standards were not being met and results were below expectations.”
In a statement to shareholders it suggests that the franchisees in question – specifically Battersea and Clapham, both in South London – may have underperformed on the company’s overall aim to be “a top three contender in local markets”.
It says that the non-renewal of the franchises in question led to those offices closing, and the sale of the Winkworth Kennington Lettings business to the firm’s sales franchisee. It adds that “while our Pimlico office was [also] taken back, we used our assisted acquisition support strategy to relaunch it alongside an entrepreneurial partner.”