AUSTRALIA’S oldest real estate group is now in new hands, after its managing director secured a deal to buy the group.
After more than a year of negotiations, Richardson and Wrench group managing director Andrew Cocks bought the organisation from the Wong family which had owned it since 1988.
Mr Cocks who joined the group in 2009 said since then he had worked to make the organisation stronger for the future.
Outgoing chairman of Richardson &Wrench Holdings, Neil Wong, said they had decided to part with the asset after a refocus of the group’s investments.
“We are very pleased that we have been able to reach an agreement for the change of ownership of Richardson & Wrench to Mr Cocks as this will ensure that Richardson & Wrench has the necessary stewardship and focus to enable it to maintain its place as a significant player in the Australian real estate industry,” he said.
Richardson & Wrench was founded in 1858.
Since Mr Cocks joined the group he instigated an overhaul of the brand, restructured the franchise support and management of the company and implemented a partnership with mortgage brokerage firm Shore Financial.