Surveying business acquisition extends firm’s reach in the North East
Leeds-based independent chartered surveyors and property management firm, Carter Towler, has acquired Durham-based Ashley Smith Chartered Surveyors for an undisclosed sum.
Carter Towler employs 50 people. Over the past 12 months the company has been involved in over 350 industrial, commercial, investment deals and currently manages 4,000 properties for its clients nationwide.
Ashley Smith Chartered Surveyors, which was formed in 1989, is based in purpose-built offices at Oakmere, Belmont Business Park in Durham.
The firm has commercial and industrial property clients across County Durham, Tyne and Wear, Teesside, Northumberland and North Yorkshire.
Carter Towler director, Matthew Faulkes, said: “We are absolutely delighted to have concluded this acquisition. Our client base has expanded significantly across the North and North East in particular over the past few years and we have been looking for a strategic partner to work with there for some time.
“There are many synergies between the two businesses; both are well established, Ashley Smith for over 30 years and Carter Towler can trace its roots back to the 1940s.
“Whilst building up our businesses we have both continuously evolved and adapted, and our ethos and processes are aligned.
“Stephen Smith, his son Lewis and the team at Ashley Smith will be a great asset and will act as an extension to our own Agency and Property Management offerings.
“We’re looking forward to introducing both existing and new clients to the additional resources we now have.”
“Ashley Smith has developed a solid reputation across the region and therefore it makes sense for the business to continue to operate under its own name for the time being.”
Stephen Smith, of Ashley Smith, added: “I’m really pleased we are joining Carter Towler and will be working alongside such a talented team of surveyors and property managers.
“There is no doubt that our existing client base will benefit from the breadth of property services we can now offer together.
“There’s a great fit and we’re delighted to be part of such a professional and highly regarded business.”
Carter Towler was represented by Raworths solicitors and DSC chartered accountants. Ashley Smith was represented by Muckle LLP solicitors and J N Straughan Accountants.