Consolidation within the lettings industry continues following the news that a leading estate agency in Portsmouth has acquired a competitor, including its portfolio of managed properties.
Four-branch Bernards has bought Queens Street based estate agency The Flat Agency which specialises in managing new-build apartments within the area.
This includes within the city’s huge residential developments such as Gunwharf Quays and Admiralty Quarter but also at other locations in neighbouring Southsea.
The acquisition of Bernards, which opened its fourth branch focussing on student lets late last year, will give the company a further foothold in the city’s lettings market.
The managing director of Bernards, Daniel Byrne (left), says the acquisition has taken place despite one of the ‘most challenging’ years within the property sector.
The owners of The Flat Agency, which was established in 2006, are Gary Penney and Andy Peters who will now relocated to Bernards newest office along with their office manager, Harley McBridge.
“I am delighted that our bid to create a formal partnership with this established and well-reputed local lettings business has been successful,” says Byrne.
“Bernards performed superbly in 2019. Even though the market is going through a period of uncertainty due to Brexit and the recent tenant fees ban, we’re enjoying an exceptionally busy period in both our lettings and sales divisions.
“I decided to team up with The Flat Agency to support our growing business and to strengthen our already established brand in a market.”