Let Leeds launches acquisition drive
Specialist letting agency Let Leeds has completed on the second of three back to back acquisitions planned this year as part of its strategy to prepare for the impending tenant fee bill.
Let Leeds has acquired the portfolio of independent letting agency Lets Go Professional, which comprises residential properties across Leeds and Bradford. By joining forces with other smaller independent brands across the region, Let Leeds hopes to negate some of the risk to smaller businesses from the Government’s planned fee ban.
For the past eight years Yorkshire-based Lets Go Professional has been run by owner Jon Huby.
He said: “Having decided to sell our managed portfolio to enable us to focus on other areas of our business, it was very important that the company we sold to held the same values and ethos as ourselves.
“We have liaised with Let Leeds over the last few years and have always been impressed with their professionalism and friendly approach. We have seen them grow and develop their business and felt they offered a fantastic opportunity for our clients to enhance their property management experience.”
The acquisition follows that of Frog88, based in Leeds city Centre, run by husband and wife team Hannah and Sean Wyatt. Let Leeds transferred management of their portfolio in May.
Luke Gidney, MD of Let Leeds , said “Our plan to acquire three small letting agencies during 2018 will ensure that Let Leeds continues to expand its portfolio, and importantly, our key driver is to ensure that every single one of our fantastic employees is safe and secure in their role here at Let Leeds both now and far beyond implementation of the tenant fee bill.”
Growing the portfolio through acquisitions is just one step in a three part plan Let Leeds is implementing to ensure its continued success through the Tenant Fee ban. Let Leeds is in the process of connecting with other local firms in Leeds to explore a number of avenues including acquisitions, mergers and the transfer of managed portfolios from estate agents who wish to continue trading in sales but not in lettings.
“We all know the lettings industry is under threat from the Government. Our lettings processes and turnover are at risk with, not only the certainty of the Tenant Fee ban coming in 2019, but also the implementation of several pieces of new legislation that require us to spend even more time managing properties. In all of our time in the lettings market, have we ever seen such a huge threat to our industry.
“We believe that joining forces with other independents is a way to combat the danger our industry is currently facing. This way we can help secure the jobs of employees in both businesses, by removing the duplication of overheads and maximising marketing spend promoting one brand.”
