One-time playboy and LJ Hooker grandson sparks restructure

It’s been a turbulent few years for Janusz Hooker, grandson of one of the nation’s most famous real estate franchise pioneers, LJ Hooker, and previously one of Sydney’s most glam young raconteurs and party boys.

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IT’S been a turbulent few years for Janusz Hooker, grandson of one of the nation’s most famous real estate franchise pioneers, LJ Hooker, and previously one of Sydney’s most glam young raconteurs and party boys.

With the real estate sector in a slump, Hooker, chairman of
LJ Hooker, which has 730 franchises on its books spanning Australia, New Zealand, Indonesia and PNG, has moved to simplify the operations of five companies within the Hooker group of 40 companies.

L Janusz Hooker Picture: AAP IMAGE / Troy Snook

As such Janusz — his middle name, his first name is Lesley, therefore LJ — called in administrators a week ago. It comes 11 years after Hooker formed a consortium to buy back the company founded by his grandfather Leslie Joseph in 1928 and sold in 1985, nine years after LJ’s death, to George Herscu.

In 1989 the company, then owing $1.77 billion, was purchased by Suncorp Metway.

Twenty years later in 2009 Janusz made a gallant, though some at the time said foolhardy, bid to buy the family company back, which he did for $67 million.

Six years on, in 2015, Janusz and an international backer, took back control of the company by buying out shareholders including Leighton chief Wal King and RAMS founder John Kinghorn.

Since then fortunes have been mixed for Hooker, who, having closed six Melbourne franchises
in 2014 after trust account violations were detected by the Victorian consumer watchdog, was forced to cancel its planned float of the company on the stock market in 2017.

Still there are many still backing Hooker, the third generation descendant, who having invested heavily in new tech now must hope it will keep him afloat through uncertain
days ahead.

Originally published as One-time playboy and LJ Hooker grandson sparks restructure