A leading South Coast estate agency has snapped up its fourth rival in three years expanding its lettings portfolio to over 2,000 properties.
Worthing-based Michael Jones Estate has bought two-branch sales and lettings rival Symonds & Reading whose owners, Ian and Jo Ward, are to join the company as consultants.
Their Worth branch is to close and all staff transfer to the nearby Michael Jones office, while its Ferring branch will remain but rebrand as Michael Jones & Symonds Reading.
Symonds & Reading briefly gained international fame last year when a one-bedroom apartment listed via OnTheMarket featuring a bed built precariously overhanging a flight of stairs gained notoriety on Twitter and was subsequently picked up by news websites in both Australia and the US.
Social media ‘storms’ aside, the acquisition of Symonds & Reading adds 500 properties to Michael Jones’ portfolio and follows previous estate agency acquisitions including Bacon & Co in September 2017, Curtis & Son in May 2019 and Easylet in October 2019.
“As a business we see great value in growing and developing our sales and rental business,” says Mike Jones (left), CEO of Michael Jones.
“We are delighted to announce we have exceeded our target of 2000 fully managed properties in lettings through our recent acquisitions which will significantly contribute in strengthening our overall position as a group.
“We are actively looking for other acquisition opportunities in the area as it is an important part of the groups growth and expansion plans.”