Your Move adds 560 landlords to SW lettings book in one go

Estate agency chain Your Move has added 560 landlords to its lettings book in one go following the acquisition of major Devon firm Team 2 Property Management for an undisclosed sum.

Its purchase has been completed via LSL’s key franchisee partner in the region, the Edward Rose Property Group which operates the Your Move brand locally.

Team 2 Property Management, which is LSL’s 45^th acquisition to date, operates out of Torquay and Torbay and was established in 1996 by Lee Matthews and Jeremy Kuur, both 57 years old. The firm is well known for its unusual marketing output and in particular its superhero-inspired To Let boards (pictured).

All staff are being retained and for the time being the Team2 brand will remains, but this is likely to be dovetailed into the Your Move brand “at some point” The Neg has been told. Of the two founders, one is staying while the other is off to new pastures.

Although the value of the deal has not been revealed, Team2’s most recent accounts suggest a turnover of circa £2 million and, using a conservative multiplier of 1.5 x revenue, a likely sales prices of some £3.5 million.

Game changer

LSL says the acquisition of Team 2 is a game-changer regionally but also a sign that it intends to expand aggressively both within established markets but also into new territories via acquisitions. They have plenty of competition – Lomond Group is taking a similar approach as is The Property Franchise Group and the Leaders Romans Group.

“We are delighted to have completed on the purchase of Team 2 to expand Edward Rose Property Group’s footprint,” says Hannah Gretton, of LSL Estate Agency Franchising.

“It’s been a really exciting acquisition, with a great synergy between Team 2 and Your Move and we’re really looking forward to seeing the business flourish.”

The Edward Rose Property Group currently operates on the South West and South Coast with six Your Move branches.

Its director David Vertannes, adds: “LSL Estate Agency Franchising has been hugely supportive across every aspect of the acquisition process; from bringing the opportunity to our attention, to offering guidance when needed on negotiation and with the all-important funding.

“The partnership has given us exactly what we wanted from a franchisor and more – it’s exactly what you want in a business partner, and we want to take advantage of everything LSL Estate Agency Franchising can offer.  There’s a bright future between us.”