Property company CPBigwood sold to national firm
CPBIGWOOD, the Birmingham-based property and auctions business, has been acquired by national property group Shepherd Direct Limited (SDL).
Nottingham headquartered Shepherd, which has interests in surveying, valuations, lettings, mortgages and estate agency, says it has made the acquisition – for an undisclosed sum – to further enhance the group’s financial strength and to help CPBigwood build nationally.
CPBigwood is an established top ten UK auction house and the largest in the UK north of London. The firm’s residential service charge property management operation is also in the top ten in the UK.
CPBigwood senior partner Rory Daly, who will remain with the business as chief executive officer, said: “This marks the next step in the evolution of CPBigwood and will further enhance our position as a major player in the auctions and residential service charge management sectors.
“The acquisition will boost not only auctions and property management but also our commercial agency, professional services and building surveying work.
“Being part of SDL will provide a significant boost to the CPBigwood business and allow us to accelerate our growth plans.”
CPBigwood, formed when Bigwood merged with Curry & Partners in 2011 to set about building a national property services group, has origins dating back to 1854 and today delivers £80m of property auction sales per annum and has more than 25,000 properties under management.
The combined group will now generate £60m+ turnover per annum with 400 staff across offices in Birmingham, Glasgow, London, Loughborough, Southampton, Stratford-upon-Avon and the group headquarters in Nottingham.
Group CEO Paul Gratton said: “SDL is a fast-paced, successful growing property services group which has quadrupled its turnover in the last five years and remains extremely ambitious.”
Launched in 1989, SDL currently manages over 140,000 mortgage valuations a year, through 150 panel firms and its team of 70 employed surveyors.
SDL also includes the 50 branch estate agency Century 21 UK, with franchised branches from Liverpool to Southampton, including 20 offices in and around London.
In 2015 SDL acquired a significant stake in the national mortgage broker network Stonebridge.
Law firm Browne Jacobson advised SDL on the acquisition. Its team was led by corporate finance partner Mark Hughes, assisted by Paul McCannah, Beth Dowson and Sandra Wong with banking advice provided by head of banking & finance Paul Ray and Chereta Edmeade.
