(Pictured: Nick George of Ray White SA / NT, has sold his share of the residential sales business back to the Ray White family, Source: Ray White)
After 25 successful years, Ray White SA / NT has announced that master franchisor Nick George will be handing control over the market leading business back to the Ray White family.
In a statement to Real Estate News Group, a spokesperson for the Ray White Group said:
“The RAY White master franchise in South Australia and the Northern Territory is now 100 per cent owned by the White Family, after business partner Nick George sold his shareholding but operationally things remain the same.“
CEO Matthew Lindblom, who will remain in the top job after the handover, says that the change represents the end of era for the group in the two states, but an exciting opportunity for growth under the leadership of the White family.
“We are leading SA with the latest market share report showing Ray White at 14.5 per cent, with an ambitious growth strategy of 20 per cent market share for the future in both SA and NT,” Mr Lindblom said.
“We are excited about working even more closely with the Ray White corporate specialist teams and the value they can provide to all members of the Ray White network.
“Ray White is in a unique position to have all the resources of a global business with over 1000 franchises worldwide, as well as the strong values of a fourth generation family business”
Brian White, who originally sold the master franchise to Nick George, has often spoken highly of Nick and the SA / NT team. Nick George has now been named a White Family life member in recognition of his enormous contribution to the family business.
Dan White said the family had enjoyed a close relationship with Nick George for more than 25 years.
“Nick started Ray White in Adelaide from scratch and built a remarkable and now market-leading business throughout SA and NT over this time and we are blessed by so many wonderful members committed to excellence and continuous improvement,” Mr White said.
“The structure of our relationship to date with Nick George and his business has been an alliance between the White Family and Nick’s own private company, which was unique in our group.
“After much discussion, Nick agreed it was time to change and we have agreed to purchase Nick’s interest and we will continue Nick’s legacy in these markets with the business fully integrated into the Ray White Group, consistent with the rest of Australia.
“We collectively feel that this is the right time for this change for a number of reasons. Firstly, and most importantly, Nick and our family have great confidence in our corporate team in Adelaide, led by Matthew Lindblom and including Bianca Denham, Daniel Gray, Kristen Buick and Michelle Cotsanis.
“Our network will not notice any changes to the way that the corporate team relates to you. We are so proud of the work they are doing and the ambition they share with all our members.”