The impact of greater regulation of the Welsh lettings sector via Rent Smart Wales and a likely copycat lettings fee ban in the pipeline appears to have persuaded one agent in Wales to offload its entire property management division.
Cardiff-based Peter Alan, the largest Welsh estate agent with 29 branches which is part of the Connells Group, has bought the lettings business of Newport-based rival Roberts & Co Property Management Limited for an undisclosed sum.
Roberts & Co’s lettings business, which was established a decade ago, manages 800 properties – down from 1,200 three years ago – and employs 17 staff who now join the existing ranks of Peter Alan’s 270-strong team.
Roberts & Co says the money raised from its ‘strategic’ sale of its lettings business will enable it to invest and expand its sales and mortgage services business.
Its lettings staff will be transferred to Peter Alan and the Roberts & Co brand will eventually disappear from the market.
“We are really pleased to have acquired Roberts & Co’s lettings and property management business which allows us the opportunity to further enhance an already successful business and work with many talented individuals,” says Andrew Barry, Peter Alan Managing Director.
“This acquisition is a good fit for our expansion plans and perfectly complements our current branch network. We look forward to welcoming the Roberts lettings team to Peter Alan and continuing to build our market leading position in South Wales.”
Andrew also says that the acquisition is just the beginning, and wants any other lettings businesses across South Wales who are looking to sell to get in touch.