Portuguese investment firm Oxy Capital has again increased its stake in The Property Franchise Group (TPFG), the UK’s largest multi-brand property franchisor.
Bournemouth-headquartered TPFG, which has 1,900 branches operating under 18 brands, including CJ Hole, Belvoir, Fine & Country and Hunters, first revealed Oxy’s holding in January when the Lisbon-based firm crossed the London Stock Exchange’s reportable threshold.
At the time it held just over 2m voting rights in TPFG, equivalent to 3.14% of the business.
After continuing to build its stake by buying further tranches of shares in March and earlier this week, it now has a stake of just under 5.1% – or just under 3.25m direct voting rights – held directly through two investment funds.
Oxy’s investment portfolio is mainly in sectors such as industrial technology, digital services and sustainable mobility, and includes Portuguese metal finisher Eurogalva, Spanish electric vehicle charging infrastructure business Remo Sustainable Mobility and Lisbon-based specialist software firm Saphety.
The ultimate controlling person of Oxy’s investment in TPFG, according to the notification of major holdings made to shareholders via the London Stock Exchange is Miguel Calle da Cunha Lucas, Oxy’s founder and managing partner.
TPFG floated on the London Stock Exchange’s AIM market in 2013 and currently has a market value of around £303m.
At its AGM last month, it told shareholders that it was set to benefit from the new the Renters’ Rights Act – regarded as the biggest reform in the private rental market for decades – and was seeing “encouraging” levels of inquiries from self-managed landlords seeking support with compliance and property management.