Property agent sells to lettings giant

SPENCERS has sold its property management arm to the UK’s largest specialist lettings business.

Countrywide Residential Lettings has bought the business which manages a large portfolio of residential properties in Sheffield.

The estate agency business that also carries the Spencers name will remain under the control of Anne and Jim Spencer.

Mr Spencer said: “Having developed the business over recent years we are delighted to have found an excellent buyer in Countrywide. 

“We would like to thank our advisors who worked extremely hard during a long and often tiring process to ensure that the sale proceeded smoothly.”

BHP Corporate Finance director John Longstaff advised on the sale alongside Matt Ainsworth and Paul Roberts, from the Sheffield office of DLA Piper, and Peter Newsam from UHY Wingfield Slater.

Mr Longstaff said: “we have been working with Spencers during the past 12 months to identify, negotiate and agree terms with a suitable purchaser for its property management business.  This is a quality local business and I am confident it will continue to prosper as part of Countrywide.”