The growing estate agency network being put together by investor-backed proptech firm Dwelly now has an outpost in London following its latest acquisition.

Twenty-four year-old two-branch South London agency Eden Harper has been sold by its founders Richard Symes (main image, left) and Ajaye Gopal to Dwelly for an undisclosed sum and will add some 250 properties to the overall chain of estate agencies, which now ranks as the 15^th largest lettings book in the UK.

The estate agency appears to be profitable, with latest accounts showing some £230,000 cash at the bank.

Dwelly has a considerable war chest to fund such acquisitions, including a recent raise of £69million from investors.

Software

Eden Harper, like previous acquisitions, will continue to be run by one of its founders and existing staff but use Dwelly’s property software suite and other ‘HQ’ operational savings. Symes is staying on while Gopal is to exit the business.

“Since launching Eden Harper, our focus has always been on providing the highest possible level of service to our landlords, tenants and sellers across Brixton, Battersea and the surrounding areas,” says Symes.

“As the business has grown, it was important to find a partner that recognised the value in what we had built and shared our belief that the strength of a local agency lies in the people, relationships and reputation behind it.

“From the outset, it was clear that Dwelly places real importance on preserving what makes the businesses it acquires successful.

“Their approach is centred on supporting and strengthening those foundations, while introducing the technology and operational support that helps the business continue to evolve, and that gave me real confidence that Eden Harper is in the right hands moving forward.”

Third acquisition

Sam Humphreys, Head of M&A at Dwelly (main image, right), says: “We’re delighted to have completed our third acquisition of the year and, in doing so, make our first move into the London rental market.

“Our role is to provide the support, technology and infrastructure that allows businesses like Eden Harper to continue doing what they do best, while helping them strengthen and grow for the future. Establishing a presence in London is an important step for Dwelly and we’re excited about the opportunities it creates.”

Read out interview with the Dwelly boss.

Main image: Google Streetview/supplied