Rent protection firms merge to form ‘strategic partner for agents’

Industry supplier Let Alliance has merged with the Barbon Insurance Group, which includes HomeLet and Rentshield    

The announcement was made at 6am today; Barbon says the joint firm becomes “a highly skilled and resilient strategic supply partner to professional letting agents.”

The businesses will continue to trade separately under their respective brands; 

Martin Totty remains as group chief executive of Barbon Holdings Limited and Andy Halstead maintains his role as chief executive at Let Alliance. 

As part of the merger, Halstead will also assume an executive director position on the Barbon Group board, subject to regulatory approval.

The announcement says the merger means that Barbon Holdings will be able to re-invest a greater share from cash flows behind innovation, rather than into the running costs of the business or looking elsewhere for capital.

Totty says: “Bringing the two organisations together will enable an increased investment into technology and product innovation, generating incremental income or lowering operating expenses. It is a prerequisite that we will constantly look for opportunities to develop our proposition and enhance our customers’ businesses.

“Our market is changing and the needs of customers will change as a result, he said. Customers need solutions that protect, help generate income and can be embedded into their own propositions.

“Letting agents and their landlords are looking for peace of mind that strategic supply partners deliver quality and value, are financially resilient, well capitalised and with balance sheet strength to meet future liabilities on products and services they sell today where customers may have use of them much later.”

Founder and chief executive of Let Alliance Andy Halstead adds: “We have built a very special business at Let Alliance. Customers are at the heart of everything we do. Our merger with HomeLet and Rentshield is consistent with our values; it’s all about our customers.

“Letting agents across the UK are working in a tough and challenging market. Letting agents are consolidating and local firms are merging in order to build scale and thrive in the future. Strategic partners and suppliers like us need to understand the needs and challenges that letting agents experience and consider how they provide support and solutions.”