The acquisitions pace shows no sign of slowing within the industry as Martin & Co announces its latest purchase.

Weymouth franchisee Philip Wakefield (pictured above) has bought rival Cornerstone Estate for an undisclosed sum, adding 233 properties to his already growing business.

Cornerstone has a sole director, Marcus Hester, who has operated several property-related businesses in the area and had been involved with the agency since 2004.

His business has been bought with the support of Martin & Co parent company TPFG.

Local businessman

Wakefield is a respected figure in the area, having worked for many year both as a financial adviser before becoming an estate agent, although his work has been connected to the property industry for most of his career, including dealing with investment property portfolios.

“We are delighted to welcome all of Cornerstones Estates landlords and tenants to Martin and Co,” he says.

“We believe our blend of professionalism, service and friendliness is unique in the town and we are looking forward to sharing this with all our new clients.”

Eric Walker (pictured), who is Martin & Co’s MD for Scotland and the South, says: “This a fantastic acquisition made all the more significant as Weymouth is such a sought-after location with very few properties available to rent.

Rightmove lists just 11 properties to rent in the town at the moment, which has a population of 65,000.

“We have many franchisees looking to acquire businesses of all sizes so please get in touch if you are considering selling or joining our growing network,” says Walker.

Read Adam Walker’s view of lettings industry consolidation.