Estate agency group strengthens market position with new acquisition
BIRMINGHAM estate and letting agents, John Shepherd, has strengthened its position in the marketplace with the acquisition of Solihull firm, Letting Places.
The deal, the terms of which have not been disclosed, will see six staff transfer across to John Shepherd, joining the firm’s existing 45 employees. The acquisition also adds a further 250 properties to John Shepherd’s existing lettings portfolio of 1,250.
The acquisition is timely for John Shepherd as it prepares for the next phase of its growth plans – the opening early next year of a new flagship branch in Birmingham. This will take its number of branches in the Midlands to seven.
For its part, Lettings Place – founded in 2001 by Jan and Tony Hill – is expected to benefit from the continued investment in Solihull, in particular the expansion of Touchwood Shopping Centre and the refurbishment to Mell Square.
Mr Hill, a director of the firm, said: “For the last 15 years we have enjoyed being part of the developing Solihull property market. However, it feels right to move the business on and the opportunity to work with John Shepherd came at the right time. Not only do we feel that the business will remain part of the thriving Midlands property market, but we are confident that it will be successfully driven forward by this very safe pair of hands.”
Richard Crathorne, Joint Chief Executive, John Shepherd, added: “I’m delighted that we have been able to secure this acquisition and integrate the Letting Places portfolio of quality properties into our existing businesses in the Midlands. Competition in the region is healthy, and to acquire a recognised lettings agency known for their expertise and understanding of the local market, is something we’re positive about.
“It’s an exciting time for everyone involved and we’re looking forward to opening a larger premises early next year to accommodate our growing team and demand for lets. Despite uncertainty around the impending impact of Brexit on the industry, this latest acquisition shows that we are continuously looking for new opportunities and are in a good position to continue this current growth trajectory.”
John Shepherd Lettings was acquired by Lomond Capital Property Group in August 2014 alongside Marwood Homes, and later joined by the firm’s estate agent arm in January 2016. The latest deal marks the group’s 27th acquisition to date.
