Leicestershire property agency reveals deal to create £41m company
A Leicestershire property agency is set to merge with a national counterpart to form a £41m company.
Fisher German, based in Ashby, is to join forces with Vine Property Management which manages 51m sq ft of retail, industrial and office property.
The deal to bring the companies together comes at the end of 12 months of negotiations and the new group will trade under the Fisher German banner from the beginning of 2020.
Fisher German has grown its turnover from £19m to £35m in six years. During that time, it has not only grown organically but has strategically merged with nine property consultancies since 2000 and now employs around 500 staff.
Vine Property Management, which celebrates its 25th anniversary this year, currently manages assets of £2.7bn. As part of the deal, Vine co-founder James Rigby will join Fisher German as a partner.
Under the plan, all additional 10 offices and 100 staff will be retained.
Andrew Bridge, managing partner of Fisher German, said the deal expanded the reach and expertise of both companies.
He said: “We have been looking to grow Fisher German and to further expand our presence in the commercial sector, and Vine Property Management will not only bring a proven track record and new disciplines to expand our current commercial offering but will also take us into new geographical areas allowing for further growth.
“From that commercial point of view, it is a perfect fit but it soon became clear as we advanced talks that the two companies share a belief in ethos, values and levels of customer care which only adds to the strength of the new group.”