PWR Property Consultants acquired by rival lettings and estate agents
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PWR Property Consultants LLP has been acquired by rival lettings and estate agents, Leaders Ltd which operates more than 50 branches nationwide, with additional branches operating under several other brand names.
The £2.4m deal was completed in April, just 10 months after PWR was brought to the market.
PWR Property Consultants, which also operates as PWR Lettings and PWR Residential, is a specialist lettings and estates agency covering the Nottingham, Mansfield and Chesterfield areas.
The company has grown significantly since its inception; from managing just 10 properties in early 2004 to over 1,300 just eight years later.
The acquisition will increase both the turnover and profitability of Leaders whilst allowing them to grow their market share and expand their operations geographically.
The PWR branches will remain within their current locations and are expected to become Leaders branches.
The outgoing shareholders of PWR exited the company immediately following the sale, with all other staff expected to be retained.
Guy Haynes of KBS Corporate, who advised the vendors on the sale, commented “Simon and Rebecca Perkins have built up an outstanding business which is held among high regard across the East Midlands.
“The Company’s strong reputation, steady growth in recent years and high levels of recurring income were attractive to Leaders as there were many shared values between the two companies.
“The transaction was conducted very well on both sides and I would like to extend my best wishes to both parties.”