A fast-growing North West-based property franchise business is planning further expansion after completing £200m of property deals in its first four years.
Sourced helps franchisees to start and build their own property business, identify and fund potential projects or alternatively, to sell them on to other investors and earn a sourcing fee.
Sourced was launched in September 2017 by serial property entrepreneur Stephen Moss, who was joined by fellow entrepreneur Chris Kirkwood. Its main business Sourced Network now has over 150 franchisees at locations throughout the UK – up from 90 year ago – and promotes 250 deals per month, all of which are opportunities identified by franchisees and verified by the Sourced team.
Its peer-to-peer funding platform Sourced Capital funded deals to the value of £10m in 2020, its first full year, and aims to increase that to over £40m in 2022. The group currently employs over 20 staff at its Warrington headquarters and has now developed its own app.
Sourced franchisees range from people who are passionate about property and want to change career to buy-to-let landlords and builders who already have experience in the industry but need help to start developing their own projects. They receive intensive training, ongoing support from experienced property professionals and exclusive access to the funding platform.
Franchisees in the North West include Gabriel Wenner from Wigan who has developed his first project, a six-bedroom HMO (House in Multiple Occupation) in Barrow-in-Furness, and currently has two other HMO’s at the planning stage in Morecambe and Wigan.
Chris Kirkwood, Franchise Director, says: “Running your own property business is an attractive and profitable career option but even for those with some industry experience, it is a big learning curve. One-off training courses are often ineffective because they don’t offer ongoing support people need to put their ideas into practice.
“We recognised there was a gap in the market for a company that could educate entrepreneurs, and help them to identify and complete projects. Sourced offers a property business in a box, allowing them to achieve far higher returns compared to building a property portfolio from scratch.”
Stephen Moss, Managing Director, adds: “The pandemic has caused many people to rethink their career options. At the same time sweeping changes such as the closure of high street stores, the move to home working and exodus from the cities have opened up new opportunities for property entrepreneurs. Sourced helps them choose the right strategy and get full support to pursue their new career.”