The UK’s biggest letting agent and property services group, Countrywide, Wednesday reported its continued expansion through investments via the investment acquisition of Letmore Group. Letmore Group is the UK’s biggest independent specialist lettings agency with operations in East London and Essex. The Letmore Group, began in 1999, was the result of a merger by three letting companies namely PMS Lettings & Management Services, Forest Bureau and Churchill Lettings.
The investment deal gives Countrywide the rights to grow and expand the three current Letmore Group brands outside their existing network of seven offices in crucial rental areas such as Woodford, Woodford Green, Loughton, Buckhurst Hill, North Chingford and Walthamstow. Co-Managing Director, Countryside Residential Lettings, John Hards said the acquisition investment in the Letmore Group provides the company with a bigger prospective in prime commuter locations and vital rental locations in the expanse of East London and Essex.
He reiterated that Letmore Group brand’s tradition was the motivation behind its decision to acquire the group, coupled with its staff, crucial to the success of the business. He further added that Letmore’s past 40 years of operations can be credited to its staff, saying that he was keen to see how far the portfolio acquisitions and Countrywide’s new investment would build on this.
The new acquisition comes after Countrywide’s major acquisition of Hamptons International in June, with its over 80 estate agency and lettings branches network. The company has traditionally had a robust history of investing in takeovers of domestic UK lettings agencies, thus buffering the support it needs in terms of resources and investments for its growth, whilst keeping its local legacy and market proficiency.
In recent months, Countrywide has acquired companies such as Accord Lets, Warwick and Royal Leamington Spa, Andrew Reeves, South London and Hunters for Homes located across the UK from Birmingham, Kent and Cornwall consecutively. Letmore Group managing director, Phil Spencer said he was delighted over the business growth the group had attained, however, the need for further expansion through capital injection of considerable investment had been unavoidable, as the timing seemed right.
He reiterated that the Group was as well considering a possible merger with a bigger firm with a potential to take the group to “the next level,” said Spencer. He added that Countrywide provides the best possible future for Letmore and thus it hopes to build its existing brands by providing new investment and new opportunities for its staff in its 1,300 office network.
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