Nick Dunning Associates has revealed the purchase of another property business, Adams Property, a single-branch, lettings-only agency in Ealing, West London (pictured, right).
Adams Property has been bought largely for its management book, which includes 700 properties in and around Ealing, and its reputation.
The company was started up in 1993 and will now be added to the Badger Holdings portfolio, which Nick Dunning Associates acquired in late January this year.
Badger Holdings operates the Townends and Regents high street brands which total 26 branches in London, Surrey, Middlesex and Hampshire.
Adams Property is a trading name of and shares a registered address and most of the directors, of Middlesex Properties Management, which specialises in buy-to-let portfolio management and was set up in 1989.
The Badger Holding acquisition took place soon after Reading-based Nick Dunning Associates was launched, backed by an unnamed private equity investor and staffed by former Countrywide colleagues of Dunning’s.
These include Julian Irby, who is the company’s CFO, Matt Hewitt, who is its Commercial Director and Sales Director Graham Harrison.
Dunning says his company will acquire 20 lettings-only or focused business a year for the next five years in a bid to become a “new scale player” in the property market.
“After only twelve weeks as part of Nick Dunning Associates, we are delighted that this acquisition will significantly increase our portfolio of managed units in Ealing and the surrounding areas,” says Seamus Kavanagh, Chief Executive of Badger Holdings (pictured, left).
“We welcome the Adams Property team to our business and we look forward to them growing with us in these exciting times. Adams Property perfectly complements our existing Townends and Regents branches and gives us a further foothold for expansion into other areas where we currently don’t operate.”
Commenting on the acquisition Nick Dunning (pictured, right) says: “We are all very pleased to have completed the acquisition of Adams Property and see this as the first of many for Badger Holdings as we look to expand the network significantly this year.”
Nick says his firm is actively looking to acquire lettings focused agencies across the UK and is open to working with “established management teams who are prepared to stay with their business post acquisition and share in its continued growth”.