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Agencies & People

Confident northern independent makes ‘bullseye’ acquisition of lettings agency rival

Linley & Simpson buy up its third rival since the tenant fees ban was introduced on June 1st.

Nigel Lewis

lettings agency

Leading northern independent estate agency Linley & Simpson has continued its buying spree with the acquisition of one-branch Leeds lettings agency independent Morgans, which specialises in urban residential developments in the city.

This will be Linley & Simpson’s seventh lettings agency acquisition since it received £10 million from the venture capital arm of Lloyds Bank, LDC, in June last year to buy up rivals and expand the business.

The company says it has a further two acquisitions at ‘an advanced stage’ in the wings.

Its purchase of Morgans will see some 1,450 rental properties added to its existing portfolio, taking its managed total to over 8,000 properties across its 16 branches.

Lettings agency

“For us, this is a bullseye acquisition that underlines our confidence in the future of Yorkshire’s residential property market – it’s as simple as that,” says Will Linley, chief executive of Linley & Simpson (pictured above, first from left).

“As the cranes return to the Leeds skyline in ever-increasing numbers, this is a timely opportunity to bring together all our skillsets under one roof amidst this latest phase of Leeds’ urban revolution.

“The combination of Morgans’ city living expertise and our wider Yorkshire reach is a perfect fit for providing a market-leading service – one that meets the needs of buyers and sellers, landlords and tenants, as well as developers.”

Morgans’ MD Jonathan Morgan (pictured above, second from right) says he is “thrilled to be part of the Linley & Simpson family” which will “herald the start of a new journey as two award-winning agencies come together to drive innovation to another level and to further improve customer service for all our clients.”

 

 

July 17, 2019

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