A lettings firm in West Yorkshire is the fourth to be bought by property software and lettings agency buying company Dwelly.

Number 1 Letting in Pontefract and its 850-strong lettings book has now been absorbed into the London-based tech firm, taking its total managed property count to nearly 3,000.

Dwelly is unusual if not unique within the industry because it is gaining customers for its rental property management suite by acquiring firms including Number 1 letting, which was launched in 2008 and quickly gained a significant foothold in the regional rental market.

The letting firm’s MD and co-founder Tracey Brown (main image, third from right) will remain with the business and be part of efforts to use Dwelly’s software to drive its next phase of growth, although not so for her other co-founder, Paul Singleton, who continues to list interests in both a residential sales agency in Pontefract and a company selling properties in Spain.

He says: “We’re incredibly proud of what we’ve built at Number 1 Letting and believe this acquisition by Dwelly offers the best possible future for our clients and team.

“Dwelly’s values align perfectly with our own and whilst I’m naturally sad to be stepping back from the business, I know that with Tracey continuing at the helm, the business is set to reach even greater heights.”

Both Singleton and Brown have resigned as directors and are replaced by Illia Drozdov, who is Dwelly’s CEO.

Foothold

“The acquisition of Number 1 Letting is a fantastic addition to our portfolio and one that will allow us to considerably strengthen our foothold in the North,” says Sam Humphreys, Head of M&A at Dwelly.

“We’re especially pleased that Tracey is staying on to help drive the business forward and her knowledge of the local market and commitment to her clients will be invaluable as we ensure a smooth transition, whilst maintaining the high standards Number 1 Letting is renowned for.”

Jacqueline Kilpatrick, MD or of Letts Acquire, who conducted financial and operational due diligence on behalf of Dwelly, adds: “Due diligence revealed Number 1 Letting to be a superbly managed business with robust processes and outstanding client relationships, representing an excellent strategic fit for Dwelly’s growth ambitions.”