The increasing number of independent letting agents cashing in their portfolios and exiting the market has been highlighted following the latest business acquisition by Martin & Co in Essex.
Its franchisee in the seaside town of Southend, Tony Lindberg, has revealed that he has now bought a fifth property portfolio off a competitor since setting up in 2011, taking his total number of managed properties to 650.
Lindberg (left), who worked as a retail area manager looking after 22 shops before entering the property industry, says his latest purchase is the managed properties of local independent Park Estates (pictured, above).
“This…was extremely pleasing as we managed the entire process in under two weeks,” he says. “This purchase means we have the opportunity to introduce Martin & Co to brand new clients.”
Lindberg was supported with funding and advice by The Property Franchise Group during the acquisition process.
“It’s fantastic to see yet another Martin & Co acquisition complete,” says its Managing Director Louise Griffiths.
“I’m extremely pleased for Tony, who has really made a huge success of growing his business.
“Martin & Co is always looking for potential acquisitions, so any independent lettings businesses thinking of selling their portfolios should speak to us as we have the funding and support network to complete on these deals quickly.”
Another brand within The Property Franchise Group, Parkers, also announced an acquisition last week. Its long-standing star Reading franchisee Craig Wilson last week bought local competitor Samuel James, boosting his managed portfolio by 33%.