Herbert Penny, the great-grandfather of the current CEO Conrad Penny formed a property company in Cape Town in 1906. The Johannesburg off-shoot of the company was formed by Herbert Penny’s eldest son Magnus Penny before WWII. Magnus Penny’s eldest son, Erral Penny, formed what is now Penny Brothers in 1957. Erral Penny’s son Conrad Penny is now the CEO of Penny Brothers, having joined the company on 01 July 1970. He has remained with the company for 50 years. Two of his children have joined him as specialist consultants.