Connells Group has successfully completed yet another lettings business acquisition – Selective Lets in Dunstable, Bedfordshire.
The purchase of the independent family-run residential lettings and property management business follows on from the recently acquired Cartwrights lettings business in Stafford, continuing the Group’s ambitious acquisition drive.
Selective Lets, which covers Dunstable, Houghton Regis, Luton and the surrounding areas, wasestablished in 1986 by Stuart Brown. But with the company’s Founder choosing to retire, Connells were presented with an opportunity to acquire the lettings business which will be transferred into the Dunstable branch.
Connells will also retain one of Selective Let’s key members of staff – Tom Spencer Lewis – who, with a wealth of experience, will assist with managing the transfer of the business and continue to offer consistency to landlords and tenants.
Stuart Brown, the retiring owner of Selective Lets, commented, “After much discussion and deliberation, I have decided that the best way forward is for our managed property portfolio to be taken over by Connells. With around 170 branches throughout the UK, Connells has the specialist resources and expertise that will be essential for landlords over the coming months and years. After much discussion with their management team, I am confident that they are well placed to look after our landlords going forward.”
Connells Group Acquisitions Director Mike Rowley (left) added, “This is another key acquisition for our growing network of lettings businesses and will extend the company’s market letting service to even more tenants, landlords and buy-to-let investors.”
The company’s aggressive expansion plans, which has included the acquisition of a number of independent property firms, has helped to deliver impressive sales growth levels, as illustrated by the number of property sales agreed in June, which was up 27.5 per cent compared to the corresponding month last year.
David Plumtree, Group CEO Estate Agency Connells Group, commented, “We are delighted with the very strong performance across our network. With the election uncertainty removed and confidence returning among sellers and buyers, our branches are currently enjoying particularly buoyant market conditions.”
Plumtree said that his firm’s additional presence across the biggest two UK property portals, Rightmove and Zoopla, along with their own websites, is helping drive increased leads and as a result they have witnessed an improvement in property instructions and sales.
He added, “Indeed, so far this year, we have seen a 44 per cent increase in market appraisal leads coming from the various portals. This has contributed significantly to some excellent sales results.”