Consolidation within the lettings industry continues apace with estate agents in Wiltshire and Glasgow being bought up by rivals.
National chain Northwood has revealed that two of its franchisees have acquired local competitors and that more acquisitions by other branches will be announced later this year.
This includes Martin and Fiona Bradbury in Warminster, Wiltshire which have bought rival lettings agency Wilsons in the neighbouring town of Westbury.
The acquisition adds 110 managed properties to their business, doubling the size of their portfolio.
Described by Northwood as an ‘incredibly committed and hard-working couple’ the Bradburys set up the business 14 years ago and completed on a similar acquisition two years ago.
The couple were named as best estate agency in the south of England at the company’s annual awards last year.
The other acquisition is by long-standing Glasgow franchisee Keith Robin who has bought neighbouring but non high-street competitor Dominos Estates, adding 191 managed properties to his business.
“Acquisitions are a major part of Northwood’s strategy for business growth, and we have had a huge level of engagement across the entire network with many franchisees looking to develop business growth through acquisition,” says Phil Gee, Managing Director of Northwood (left).
“We wish our franchisees every success with their business development plans.”
Northwood, which is part of the Belvoir Group, says it is actively looking for owners of independent businesses who may be looking for an exit strategy, and that it has a ‘strong pipeline’ of acquisitions are due to complete later this year.