Six-branch estate and letting agency Stirling Ackroyd has been bought by Nick Dunning Associates, it has been revealed.
Stirling Ackroyd was started up in 1987 in Shoreditch and has grown into a major name in London both for residential and commercial property sales and lettings.
It currently manages some 1,400 residential properties in the capital.
In January of this year the company’s directors met to agree a Corporate voluntary arrangement, which enables companies that are technically insolvent to continue trading by paying back creditors over a fixed period.
Stirling Ackroyds most recent accounts are also overdue, according to Companies House.
Stirling Ackroyd has branches in Bankside, Clerkenwell, Hackney, West End and Chatsworth Road, alongside its original Shoreditch branch (pictured, above).
Nick Dunning Associates has ambitious plans for the company including a programme of investment in Stirling Ackroyd’s branch network and infrastructure, and an expansion programme to grow the business three-fold in three years both new branch openings and acquisition.
This is the third agent brand Nick Dunning Associates has bought this year, following the purchase of Adams Property in Ealing this June and Badger Holding Group, owner of Townends and Regents, in January.
“We are very excited about this acquisition and delighted to be able to make this announcement,” says Nick Dunning, Chief Executive of Nick Dunning Associates says.
“Stirling Ackroyd is a well-known and successful agency in London with a committed and loyal team behind it. We hope to grow the business over the next few years and further increase its presence in the city fringes and beyond.”
Nick Dunning and three of his former Countrywide colleagues have now been worked together since late 2016 to become a major player in the lettings sector through acquisition, funded by a leading private equity investor.
Other former Countrywide colleagues include Sales Director Graham Harrison, Commercial Director Matt Hewitt and Chief Financial Officer Julian Irby.