Growing nine-branch London estate agency Keatons has bought rival JD Property but is to close its former rival’s single branch in Greenwich and move the staff to its Deptford branch.
The deal sees it acquire both JD Property’s team and its managed portfolio.
This takes Keatons own portfolio to over 2,500 properties and is its third acquisition since 2017, part of a plan to reach 5,000 by 2024, says co-founder Kye Wheatley.
“Letting acquisitions firmly forms part of our plan to expand our portfolio,” he says. “The JD Property acquisition adds some great property and Landlords which will help to strengthen our regional coverage.”
The purchase of JD Property gives Keatons greater reach into Deptford, one of the capital’s key emerging uber-fashionable areas to live in among younger renters.
Keatons has branches in some of London’s most hipster neighbourhoods including in Bow, Canary Wharf, Deptford, Kentish Town, Shoreditch, Stratford, Wanstead plus two in Hackney.
Consequently it takes a more relaxed approach to doing business including a casual dress code and, at one point, encouraged staff to cycle to appraisals rather than drive a company car.
Previous acquisitions have included rival Cannon Kallar, which is now its Deptford branch, which it acquired in 2018. And its Wansted and Canary Wharf branches were formerly branded as Elizabeth Pryce until being bought, also in 2018.
The company was co-founded in 1998 by Wheatley who in 2015 launched the Area estate agency software platform, which is used both by Keatons and other agents across the UK.