The Romans Group last week announced another significant step in its expansion strategy with the acquisition of Drummonds in Caversham.
Expanding its portfolio of estate and letting agencies has been high on the agenda for the Romans Group with seven successful acquisitions already under its belt over the past year or so and a £12 million finance facility from its bankers available for more business purchases.
“Romans’ recent growth and ongoing success made it clear to me that this would be a smooth move that would really benefit my clients,” said John Grimes, Founder of Drummonds. “Their experience in the local market place really stood out to me and I know everyone will value the state of the art facilities and extensive advertising campaigns Romans offer from their Caversham branch.”
The Caversham-based agency is now fully-incorporated into the Romans Caversham branch which has been established in the town since 2009. Many of the agents have worked in Caversham for over a decade and have vast knowledge of the local property market.
As all acquired agencies, the team at Drummonds will now benefit from investment in Information Technology, training, intensive marketing and the numerous services also available to customers on top of sales and lettings, including investment advice, conveyancing, surveying, auction sales and mortgage advice.
Peter Fuller (right), Managing Director of Romans Lettings, commented: “With our extensive acquisition experience in the local area, capacity and financing facility, we are ready and able to consider any acquisition opportunity and plan to accelerate our rate of growth this year and in the years to come.”
The Romans Group, like a number of firms at the moment, is actively looking to expand its operations, with new locations alongside its 22 existing branches in Berkshire, Buckinghamshire, Hampshire, Surrey and now, Oxfordshire.
Only last week Home Minders announced the acquisition of Simon Clarke Residential, while insolvency specialist, BegbiesTraynor, snapped up Leeds-based chartered surveyor, Eddisons.
Home Minders’ decision to purchase the lettings and property management firm Simon Clarke Residential increased its business from just over 100 to almost 200 properties under management plus a number of let-only tenancies. It also allows Home Minders to provide an even more focused management service to its landlords, according to Managing Director, Paul Ruocco (left).
He said: “This acquisition is a perfect fit with the current Home Minders portfolio as it strengthens our position in the North London marketplace while continuing to allow us to service our properties in East and West London.”
Meanwhile, chartered surveyor Eddisons, a specialist in the valuation and disposal of property and business assets, has been acquired by the BegbiesTraynor Group, business recovery practice, for an initial consideration of £5m, with the fee potentially rising to £8.5m depending on financial performance.
BegbiesTraynor hopes that the acquisition will enhance its insolvency practice through developing complementary service offerings, including valuation consulting, enabling it to take Eddisons to the “next stage”, according to Anthony Spencer, Executive Director of Eddisons.