Britain’s most ethical estate agency group, Andrews, has sold its chartered surveying business to The SimplyBiz Group for an undisclosed sum.
Andrews says that after much research, it believes SimplyBiz is a suitable buyer because it shares the “same moral fibre”.
Landmark, which turns over approximately £5 million a year according to its latest full-year accounts and achieved a profit margin of 13.5% or £675,700, no longer fits into Andrews’ “core focus”, says Group Chief Executive David Westgate.
Landmark is based in Bristol and will transfer over to SimplyBiz without the loss of any of the 55 people the company employs, Andrews has confirmed.
The SimplyBiz Group is a rapidly-expanding umbrella company for a range of services and financial products including mortgages and pensions to financial advisers
It was launched in 2002 and now claims some 3,500 clients.
Within its latest accounts published in July last year Landmark reported that its profits were down 3.5% and turnover by 2%, largely due to the EU Referendum in June 2016, which “considerably affected volumes”.
Landmark was set up ten years ago by Andrews and, after at least six years of losses as it gained traction, began making profits four years ago.
“Landmark has grown in to an incredibly successful, well-respected and profitable operator within the surveying sector,” says David Westgate (pictured, left).
“It doesn’t, however, sit centrally to the core focus of Andrews Property Group and so when we were approached by SimplyBiz, it made sense to give their offer serious consideration.
“We have completed a detailed process of due diligence and feel certain that in The SimpyBiz Group we have met a like-minded operator which shares the same moral fibre as Andrews – an operator which will take the business on to the next stage in its exciting evolution.”
Matt Timmins (pictured right), Joint Group Chief Executive of The SimplyBiz Group, says:“Andrews Property Group is known throughout the property sector for its integrity, professional service and quality delivery.
“These are all values that we also hold in high esteem and so expanding our own operations through the acquisition of Landmark made perfect sense.”