Shares in The Property Franchise Group sank 3.6% yesterday to 134p after rival Belvoir called off its proposed merger bid – a deal that TPFG had rejected from the outset, saying it under-valued its business.
Meanwhile, share prices in estate agency franchising firm Hunters sank to a new low.
Belvoir had put £33.7m on the table in its flirtation with TPGF.
Yesterday, TPFG’s market capitalisation stood at £35.63m.
Belvoir shares also went down, by some 2%, to 99p. Belvoir’s market valuation was almost identical to that of TPFG’s, at £35.3m.
Separately, Purplebricks shares continued their volatility, sliding almost 4% over the day to finish just above the 300p mark.
Less well reported has been the downward trend in Hunters’ shares, which yesterday reached an all-time low of 43.5p, valuing the firm – co-founded by MP Kevin Hollinrake – at under £13.8m. Like Belvoir and TPFG, Hunters’ model is franchising and it has continued to expand through new sign-ups.