Martin & Co bought Xperience, comprising Xperience Franchising and Whitegates Estates Agency Limited for a consideration of £5.0m in cash plus an amount representing the net assets of Xperience at completion, expected to be approximately £1m in cash.

Xperience has 89 offices and 75 franchisees, including high street brands, CJ Hole, Ellis and Co, Parkers and Whitegates, with all financial services arms offered by Legal & General.

The Martin & Co group has entered into a 10 year financial services agreement with Legal & General under which Legal & General provides the Group’s franchisees with access to whole of market mortgage products, life assurance and general insurance products.

Martin & Co. now comprises 282 franchised offices and one company-owned office, has five estate agency brands and is trading in an additional 44 franchise areas.

Xperience brings over 11,000 tenanted, managed properties, increasing the Group total to over 43,000.

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Stephen Smith, L&G’s director of housing and mortgage club, said the deal is an enhancement of the life insurer’s presence in the marketplace as Martin & Co don’t offer financial services right now.

“This move gives us a touch point out to the UK estate agency market, we just won’t be offering services directly,” said Smith.

Ian Wilson, chief executive of Martin & Co, said: “This acquisition of the entire property franchise business of Legal & General is a significant step forward in the group’s development and was made possible by our IPO and fundraising in 2013.”

He added: “I’m delighted to welcome Michael Stoop, Xperience’s managing director, who has a lifetime of estate agency and franchising experience, as our new group managing director”.