- Solihull deal takes the total number of properties managed by John Shepherd to 1,500
- Comes ahead of new city centre flagship branch opening in early 2017
One of Birmingham’s most prominent estate and letting agents, John Shepherd, has completed the acquisition of Solihull business, Letting Places.
John Shepherd, which joined the Lomond Capital group of businesses in 2014, will see six new staff join the existing 45-strong team in the Midlands. The acquisition also adds a further 250 properties to its existing lettings portfolio of 1,250.
The acquisition is timely as John Shepherd plans to open a new flagship branch in Birmingham early next year, taking the number of branches to seven in the Midlands. Staff from Lettings Place, founded in 2001 by Jan and Tony Hill, will see continued investment in the town, including the expansion of Touchwood Shopping Centre, means the team expects to see significant growth within the Solihull property market.
Tony Hill, Letting Places founder and director: “For the last 15 years we have enjoyed being part of the developing Solihull property market. However, it feels right to move the business on and the opportunity to work with John Shepherd came at the right time. Not only do we feel that the business will remain part of the thriving Midlands property market, but we are confident that it will be successfully driven forward by this very safe pair of hands.”
Richard Crathorne, Joint Chief Executive, John Shepherd, added: “I’m delighted that we have been able to secure this acquisition and integrate the Letting Places portfolio of quality properties into our existing businesses in the Midlands. Competition in the region is healthy, and to acquire a recognised lettings agency known for their expertise and understanding of the local market, is something we’re positive about.
“It’s an exciting time for everyone involved and we’re looking forward to opening a larger premises early next year to accommodate our growing team and demand for lets. Despite uncertainty around the impending impact of Brexit on the industry, this latest acquisition shows that we are continuously looking for new opportunities and are in a good position to continue this current growth trajectory.”
John Shepherd Lettings was acquired by Lomond Capital Property Group in August 2014 alongside Marwood Homes, and later joined by the firm’s estate agent arm in January 2016. The latest deal marks the group’s 27th acquisition to date.