Countrywide has doubled the size of its lettings footprint in Scotland with the acquisition of five-branch business Merchant Lettings, and announced that it is interested in further acquisitions across the UK.
The latest addition to Countrywide’s growing number of lettings branches across the UK is a well-established business with a varied portfolio of properties and a wide range of tenants.
Countrywide will now have a presence in Edinburgh, as well as an increased presence in Ayrshire, Glasgow and Paisley.
Countrywide Residential Lettings has made a total of 23 acquisitions in the past 18 months and over 50 acquisitions in recent years. The business now has over 350 lettings branches, employing over 1,800 staff.
Margaret Longden, managing director of Countrywide Residential Lettings, said: “This acquisition demonstrates how serious we are about investing in Scotland where we see huge potential for further expansion through organic growth and acquisition.
“With more acquisitions in the pipeline, we are very interested in talking to professional agents with single or multi-branch businesses both in Scotland and across the UK.”
Merchant Lettings was formed in 2008 out of the merger of two companies, Gilpro Lettings and Merchant Executive Properties.
Comments
how are they vauling the business? what multiples of profit?
The big boys don't seem to be too worried about the much publicised issues with tenant fees in Scotland do they?
Do they know something we don't or is it simply the case that agencies can be hoovered up at rock-bottom prices right now?