Lending Solutions announces acquisition of major independent estate agency chain
Lending Solutions, the property services group backed by Barclays Private Equity has added Reeds Rains, the largest independent estate agency in the North of England with a turnover of in excess of £30m, to its stable of investments. These include the country’s largest distributor of valuation instructions, chartered surveyors, e.surv, conveyancing specialists, Homefast Property Lawyers and the national estate agency chain Your Move.
Simon Embley, Chief Executive Officer of Lending Solutions commented: “This acquisition focuses on some fantastic areas for growth for the Lending Solutions Group, as we gear up to meet the exciting new demands created by the regulatory changes in the market.”
Embley continues: “The long awaited introduction of Home Information Packs in 2007 will not only increase the demand for surveying services but also ensure that estate agents play an even more important part in delivering an integrated service to the customer.”
Nigel Favas, Managing Director of Reeds Rains commented: “The 130 branches of Reeds Rains estate agency already have a strong reputation in the North. Working with Lending Solutions will enable us to develop our business and services for the benefit of our customers, especially in view of the impending introduction of Home Information Packs.”
Reeds Rains and Your Move will operate as separate agencies and retain their individual high street presence and identity. The existing management teams and staff of both Your Move and Reeds Rains will remain unchanged.
Phil Griesbach, Director of Barclays Private Equity, who backed the management in the original buy-out from Norwich Union in 2004 added: “We now have some highly attractive brands within the Lending Solutions Group. This gives us a wide product offering and a geographically diverse business that is in a strong position to trade very profitably as an end to end service provider to the property market.” p>
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