Linley & Simpson has accelerated its expansion programme with the acquisition of a well-known York letting agency.
The residential sales and letting specialists, which has a network of 11 interlinked offices across North and West Yorkshire, has taken over the entire rental portfolio of fellow independent agency, the York Property Company.
The deal – completed for an undisclosed sum – will see all the properties formerly managed by the York Property Company’s office in Stonegate merge into Linley & Simpson’s branch in Micklegate, which has just posted a record year and undergone a major refurbishment.
Director, Nick Simpson, said: “These extra homes will help us keep pace with an ever-increasing demand for rental properties in both York and the surrounding communities – a trend that is poised to continue throughout the rest of this year and beyond.
“Not only will it enable us to give greater choice to tenants, it will also offer landlords that are new to us the opportunity to access our growing database of people actively searching for a new home to rent.
“This acquisition is a natural progression for us and is a fitting way of marking 10 successful years of helping people move in York.
“All the properties we have inherited will fit seamlessly into the growing portfolio managed by our flagship branch on Micklegate, which has had its busiest year since it opened its doors in 2006.
“This is a further signal of the strength of the York market and its appeal as a prime location to work and live.”
The York Property Company was established in 2004, letting and managing quality accommodation in York and surrounding areas. It also provided a specialist service for students at the University of York, York St John University, The Law College, Askham Bryan College and those studying at some of the smaller colleges in York.
Its current owners, Martin and Pauline Cooper, are retiring. The other existing member of staff, Lynne Rhodes, will transfer to Linley & Simpson, bringing her skills – particularly in student rentals – with her.
The acquisition is the fifth since Linley & Simpson secured a £1.8m funding package last year through Santander’s Breakthrough Programme, designed to support the owner-managed agency’s strategy for future growth.
It plans to use the funding to double the size of its business over the next three years through more acquisitions and the development of its residential sales service.
When it launched, Linley & Simpson operated two offices and employed just four staff.
Now, more than 40,000 lets later, it employs 155 staff and has a branch network that now extends to York, Harrogate, Ripon, Wetherby, Wakefield, Ilkley, Saltaire and four in Leeds.