merger
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Latest property news
LSL reveals hefty cost of its failed merger attempt with Countrywide
LSL has revealed that it’s aborted attempt to merge with Countrywide last year cost the company £2.4 million in legal and other costs. The figure, which wasn’t revealed in earlier information published on Tuesday morning, shows that the merger was more costly than its decisions to close over 160 Your Move and Reeds Rains branches last year. That much-publicised restructure continued to incur expenses for LSL during the first six months of 2020 to the tune of £1.7 million which, along with the merger and other items including the restructuring of its surveying division, took its exception costs lists to £4.2 million. LSL pulled out of a deal to merge with Countrywide in March, just a few days before the Covid housing market lockdown hit. A month earlier it was confirmed by both sides that Countrywide and LSL were in talks to complete a £500 million merger of the two PLCs in a reported all-share deal. But later LSL said in a terse statement to the City on March 16th that it did not intend to make an offer for Countrywide. This followed a month of speculation and leaks about the two companies’ plans to agree the merger. Also, the…
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Latest property news
Beauchamp Estates merges with Hanover West End
Beauchamp Estates has merged with boutique agency Hanover West End. Hanover directors Alex Bourne and Richard Douglas remain as directors in the new business.
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Latest property news
It’s over! Belvoir pulls out of merger attempt with Martin & Co parent company
Franchise letting agency giant Belvoir has ended its attempted takeover bid for rival The Property Franchise Group (TPFG), parent company of Martin & Co and five other brands including hybrid agency EweMove. Belvoir today announced that it was ending its attempts to persuade TPFG shareholders to back Belvoir’s attempts to buy TFPF and merge the two businesses. Despite having considerable goodwill, Belvoir has admitted that without the support of the key TPFG directors and their share-owning backers a deal would be difficult, if not impossible. Belvoir’s statement confirming the withdrawal of the merger offer says: “The Belvoir board is disappointed that the TPFG board has declined to enter into a dialogue, not least given that the board itself has recognised the scale that would be achieved in combining the two businesses, and moreover, given a number of common institutional shareholders have publicly stated their support, in principle, for a dialogue between the boards of Belvoir and TPFG with regard to the Possible Merger Offer”. End of the bid The end of the bid to merge the two businesses has been prompted by the timetable that companies entering into a takeover must stick to, as set out in the City Code…
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Latest property news
John D Wood grows as Faron Sutaria goes
Countrywide has completed its merger of two subsidiary brands, expanding John D Wood & Co. by a third, while closing the Faron Sutaria brand which was established 40 years ago.
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Latest property news
Heaton & Partners merges with Merlin Dormer
Heaton & Partners, a London and country property search agency, established four years ago, has announced its merger with prime central London expert, Merlin Dormer Property.
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Latest property news
Jones Robinson Group merges with Martin Walker
Newbury based estate agency the Jones Robinson Group has merged with Devizes based estate agency Martin Walker.
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Latest property news
Sheldon Bosley Knight Launches
Two of the most prominent estate agents in Warwickshire are joining forces.
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Agencies & People
Leaders join forces with Romans
Leading letting agents Romans and Leaders have merged to create one of the largest property services providers in the UK, with more than 40,000 properties under management. The groups, which have branches in London and across the South East, East Anglia, the Midlands and the North West, have joined forces in an attempt to capitalise on the growing private rental sector. The new collaboration between Leaders, which has 118 branches, and Romans, which has 27 branches, to form Property Services Holdings, will lead to combined revenues of around £100 million. The agents are being merged by Bowmark Capital, the private equity firm, which backed the management buyouts of Leaders in 2010 and Romans in 2013. Mark Salter, a Partner at Bowmark Capital, commented, “Leaders and Romans are outstanding businesses in their own right, and both have delivered impressive profit growth under Bowmark’s ownership. “Bringing them together creates a leading lettings-focused property services group that is greater than the sum of the parts, and is perfectly positioned to capitalise on the positive market conditions.” ICG has provided a substantial senior debt facility to support the merger of the two brands, which will continue to operate autonomously, and has committed a further…
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Agencies & People
Lomond Capital acquires agency
Lomond Capital has continued to expand with the acquisition of John Shepherd estate agents in Birmingham taking its portfolio in the city to in excess of £250 million. The Edinburgh-based firm will now merge John Shepherd estate agency with Birmingham-based Marwood Homes and John Shepherd Lettings, which are also owned by Lomond Capital. The company forecast that the enlarged business will now manage more than £250 million worth of properties for private landlords and sell in excess of £200 million worth of property annually. Stuart Pender (left), Chief Executive of Lomond Capital, said, “The merger of John Shepherd Estate Agents with our existing businesses allows us to create a full service proposition for our clients under the leading estate agents brand in the region.” Lomond Capital, which currently has businesses in Aberdeen, Birmingham, Edinburgh and Manchester, is now seeking to make further acquisitions across both lettings and estate agents in Birmingham as well as part parts of the UK. The company is currently in negotiations with estate agents and lettings businesses in Bristol, Brighton, Reading, Oxford and Cardiff. “This is the first in a number of larger acquisitions planned in the south of England,” Pender added. “Our aim is to…
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Agencies & People
Romans acquires Bramptons
Sales and lettings agency, Bramptons, has become the latest in a growing list of firms to merge with the Romans Group, it has been announced. Romans has acquired the Bramptons branches at Beaconsfield and Gerrards Cross in Buckinghamshire, marking the Group’s seventh acquisition of 2015. All members of staff at Bramptons have joined Romans under the Transfer of Undertakings (Protection of Employment) Regulations 2006, otherwise known as TUPE, including the firm’s Director, Peter Scott. Commenting on the merger, Scott said, “The decision to sell to Romans was not one that was taken lightly; we are all extremely passionate about property and have thoroughly enjoyed working across South Buckinghamshire building Brampton’s reputation as a reliable and trusted estate and lettings agency. “Therefore, it was imperative that we sold to a company with the same passion as us, but who could also bring additional experience and investment to improve the service our clients, current and future, receive.” As part of the Romans Group, Bramptons will now be able to offer clients a property auctions sales room, surveying, conveyancing, planning expertise, and access to new homes developments, in addition to its existing sales and lettings service. Richard Frost (MARLA), Lettings Director at the…
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