McGrath fattens the turkey

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From the AFR:

Leading real estate agent John McGrath has agreed to buy his largest franchisee, the 10 Sydney offices controlled by Shane Smollen, in a move that helps clears the way for a float of the McGrath business.

Price has not been disclosed but would be over $10 million. The Smollen operation, with offices from the Northern Beaches through the North Shore and the Northern Suburbs to Castle Hill, is a major real estate operation in its own right.

And just as vulnerable to the coming bust.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.