The Ray White business 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 in the franchisor, while the operation of the business remains the same.
Ray White Group director 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.
“We are so proud of the work they are doing and the ambition they share with all our members.”
Nick George has now been named a White Family life member in recognition of his enormous contribution to the family business.
There was no change to the Loan Market business, with it’s operation continuing in SA and NT through a partnership between Nick George and the White family.
Ray White SA | NT chief executive officer Matt Lindblom said it was the beginning of a new and exciting era for Ray White in South Australia and the Northern Territory.
“We are leading South Australia 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.”