Thornley Groves hunts acquisitions after Lomond deal

THORNLEY Groves, the North West estate agent, is on an acquisitions drive in the region following its sale to Lomond Capital.

Michael Groves, founder of the Altrincham-based group, has taken a significant minority shareholding in Lomond Group Manchester which has become the new parent of Thornley Groves and Penny Ashton – which Lomond acquired last year.

Mr Groves, 47,  said the sale of the business, which sells and lets houses and apartments, had taken more than six months to agree, and its rationale is “all about growth.”

He explained: “We didn’t want an exit so wanted to be sure they would be good people to work with and for, and they wanted to be sure we were the right fit too.

“We did try and expand, but struggled in this environment to raise the money, but this is a great opportunity to end up with a slice of a bigger pie.

“The market, particularly in lettings, is changing massively and we want to respond to this. Institutions are seeing residential portfolios as an asset class in their own right  – the Prudential recently bought 1,000 apartments for example.

“We want to be able to offer them a professional service for lettings, repairs and management.”

While the Thornley Groves brand will remain, armed with resources from Lomond, Mr Groves will begin seeking-out acquisitions in other parts of the region.

“We believe we will be an attractive home for independent estate agents where the owner has built a successful business and is looking to retire, so I’ll be looking at opportunities in areas such as Chorlton, Didsbury, Wilmslow, Warrington and Bolton.”

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