Leaders Romans Group buys 15-branch London agency Portico
Formerly independent, built up by Robert Nichols and his 154 employees, they have now joined the fast-expanding corporate player.
Leading London agency Portico has been sold to corporate giant Leaders Romans Group for an undisclosed sum.
The 15-branch business, which has offices in Central, West and East London has seen significant changes since it bought by Robert Nichols in 2004.
This included changing its name from Edmund Cude to Portico having worked at the firm as an employee, significantly expanding the business via acquisition along with a more recent move into Airbnb property management within and outside the capital.
Its 154 employees will now join the LRG group, which has also been busy buying up rivals and market share this year including, most recently, two-branch Swindon firm Dewhirst & Co. But Portico is its largest and sixth acquisition this year.
Teased
Nicholas recently teased his corporate rivals for the ‘lack of profits’ highlighting his company’s profitability and strong balance sheet.
Nichols says: “I’d like to thank the incredible team here at Portico for helping us build a brand that has become known across London.
“We have the greatest of respect for the team at LRG and under their ownership we feel sure that Portico, and the people that make it all happen, will continue to grow and develop in the coming years.
Matthew Light (main pic), Group Mergers and Acquisitions Director at LRG, comments: “We are delighted to complete this acquisition and welcome Portico into the growing LRG family. Portico, predominantly a lettings business, has built up a highly reputable business that prides itself on providing a well-educated, knowledge-driven approach to property. This fits into the LRG ethos of remaining approachable to our customers while providing them with the best, and most trusted, local experts.”
Michael Cook, (pictured, left) National Lettings Managing Director at LRG, comments: “We’re thrilled to be joining forces with such a brilliant lettings and sales agency. This acquisition supports our vision for expansion of our footprint and range of service in the capital following our recent acquisitions of Outlook Property in 2020 and Gibbs Gillespie earlier this year.”
