More details have emerged following the management buyout of leading 12-branch Kent estate agency Miles & Barr.
The four main shareholders in the company, who include co-founders Stuart Barr and Christian Miles, have been paid £3.8 million for their equity in the firm via a loan from specialist buyout finance house ThinCats.
Mark Brooks (above,left), who has been a director of the company since 2013 and until recently looked after its Deal, Dover and Folkestone branches, is to become the new Managing Director of Miles and Barr.
Following the management buyout, 41-year-old Brooks says he wants to expand its lettings book from 2,100 to 5,000 properties.
“The new management buyout is an important step for the business,” says Brooks.
“We have an excellent reputation across the region and a significant footprint online too.
“The mortgage and rental markets are constantly evolving thanks to ongoing schemes such as Help to Buy as well as the outlawing of tenancy fees.”
53-year-old Stuart Barr (above, right) and 54-year-old Christian Miles (above, middle) are to exit the business along with the other shareholders, which are understood to include Stuart’s wife Jacqueline, who until now has also been the company secretary.
Miles and Barr was set up in 1999 by the two school friends initially with a branch in Ramsgate followed by a second in Margate.
The full-service estate agency now has ten more branches including a presence in every major Kent property market. This includes offices in Birchington, Broadstairs, Canterbury, Deal, Dover, Faversham, Folkestone, Herne Bay, Sandwich, Westgate and Whitstable.