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LRG reveals £45 million spend on lettings agency acquisitions during Covid

Company's latest financial statements include details of eight agency purchases since February 2020.

Nigel Lewis

leaders romans

Bracknell-based Leaders Romans Group (LRG) has revealed that it has budgeted to spend up to £25 million on acquisitions this year after spending £20 million the year before.

These figures are revealed within its most recent annual report and financial statements for the group, which includes both its key agencies Romans and Leaders, but also a growing plethora of smaller agencies it has bought up recently.

During 2020 the 160-branch giant bought four agencies including Cardiff-based property and finance firm Moginie James, Scott Fraser in Oxfordshire, Outlook Property in North London and national lettings-focused agency Lenwell.

The acquisitions helped the firm grow its managed lettings portfolio from 47,941 to 51,857 and its sales commission pipeline from £4.4 million to £8.5 million year-on-year.

Its accounts also suggest it has been ramping up its acquisition activity – money spent on the ‘purchase of subsidiary undertakings’ at £20 million increased four-fold compared to the year before.

“The Group continues to look to acquire high quality lettings businesses within the industry, whilst maintaining the highest level of service within the existing business,” the company says.

LRG’s creation, early growth and subsequent acquisitions activity have all been backed by its owner VC firm Bowmark Capital, financed by some £176 million from its banker, US firm the Carlyle Group.

This year some £25 has been earmarked for more acquisitions including Bishops Stortford firm Eurolet, Lincolnshire agency Hill & Clark, national firm Gibbs Gillespie, Harlow firm Guardian Residential & Lettings.

The Negotiator approached LRG for comment.

October 22, 2021

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