Major independent estate agency Acorn Group sold to LRG

One of the UK’s largest independent estate agencies the Acorn Group has been sold to corporate giant the Leaders Romans Group (LRG).

Acorn, which operates a clutch of estate agency brands across London and Southern England, is for an undisclosed sum but likely to run into millions – Acorn turned over £24 million during 2020 and made a profit of £3.87 million..

Its acquisition is one of the largest ever by LRG and is designed to widen its reach and market share in the South following its purchase of Northfields in March this year, and Portico in October 2021.

Acorn has grown organically during its 38-year history during which it has grown into a 40-branch network covering the Acorn, Langford Russell and John Payne brands.

The previous majority owners of the business, Founders Rob Sargent – who was a leading light in the ‘Say No To Rightmove’ campaign during Covid and Alan Cornish will now step away from operations.

Substantial growth

CEO Neil Louth, Lettings Director Paul Deveney, and their whole senior management team will stay with the company to deliver substantial growth across the brands over future years.

All of Acorn Group’s other 425 employees have now transferred to LRG following the completion of the acquisition, which will see all the agency names remaining on the high street.

Louth says: “The sale process has been a great experience from start to finish and I personally look forward to the future of The Acorn Group, particularly the next five years where we have ambitious plans to grow the business, along with the added resource, experience, and support as part of LRG.”

Matthew Light (pictured), Group Mergers and Acquisitions Director at LRG, adds: “This acquisition marks a significant milestone for LRG, with the backing of Platinum Equity we have set our sights on larger businesses, and this is the biggest acquisition in the group’s history. “