Agency triples in size after 11 acquisitions in little over a year

An agency has made its 11th acquisition in just over a year.

Thornley Groves - a brand in the Lomond Group - mow has around 7,000 properties under its management compared to 2,400 at the end of 2020.

Its latest acquisition adds 60 staff, four new branches, and 1,000 rental properties following the purchase of the long-standing independent agency Julian Wadden & Company.

As well as its lettings and sales business, Thornley Groves also inherits a land and new homes specialism with over 400 new build properties in its pipeline.

Thornley Groves will retain the established name and brand of Julian Wadden.

Thornley Groves chief executive Jason Watkin says: “With its market-leading position across this sought-after southern stretch of Greater Manchester, plus a reputation to match, Julian Wadden adds an exciting new dimension for us. We are thrilled to join forces with a progressive agency of this calibre, and look forward to pooling the expertise and home-grown talent of both teams of people.

“This is an acquisition that hits all the high notes.  Julian Wadden’s network of High Street branches are a stellar strategic fit, giving us our first foothold along this prime geographical corridor.”

The deal will see Julian Wadden himself retire from the agency he founded in 2007 after a 25-year career in residential sales and lettings across south Manchester.

Thornley Groves became part of the Lomond Group at end of 2020 when Lomond Capital and Linley & Simpson joined forces to co-create a new national lettings and sales business. It had been a strand of Lomond Capital’s business since 2013.

The group now has a combined portfolio of over 35,000 properties, worth around £8 billion, under management, and major hubs in private rental hotspots including Aberdeen, Birmingham, Brighton, Edinburgh, Glasgow, Hull, Leeds, Manchester, Sheffield and York.

It has brought together letting and estate agency brands including Linley & Simpson, Thornley Groves, Brand Vaughan, Michael Jones & Company, and John Shepherd in England;  plus Stonehouse, Braemore, Fineholm and the recently-acquired DJ Alexander in Scotland.

The Lomond Group has the backing of leading private equity firm LDC, with access to further acquisition investment provided by LGT Capital Partners.