An independent Yorkshire letting agency has strengthened its market-leading position with a brace of acquisitions.
Leeds-headquartered Linley & Simpson has launched a new office in the heart of the West Yorkshire market town of Bingley – the 19th in its growing branch network – following deals struck with fellow independent agencies Inghams and Henleys Property Group.
This double strike of acquisitions has resulted in almost 400 homes transferring into Linley & Simpson’s rental portfolio across Yorkshire and the Humber, taking it past the 9,000 property milestone for the first time.
It has acquired the lettings book of Inghams, which specialised in property management across the Aire Valley and Bronte country, including the west side of Bradford, Bingley, Keighley, Silsden, Skipton and just over the border to Lancashire.
The name of Inghams, which dates back to 1925, will continue as it will now be focusing on providing block management services to blocks of flats and apartments from its current base on Market Street.
The agreement clinched with Henleys has resulted in Linley & Simpson acquiring its operations in both lettings and residential sales across a similar geographical footprint.
The new Linley & Simpson branch has launched in the former offices of Henleys at 51-53 Main Street, Bingley.
Will Linley, chief eExecutive of Linley & Simpson, said: “We are thrilled to extend our letting and sales expertise into this thriving community, and look forward to helping more and more people move home.
“Although we have a track record for letting and selling homes in this area through our sister offices in Saltaire, Skipton and Ilkley, it is a major step forward for us to have a dedicated presence in Bingley for the first time.
“It is another bullseye location that’s a perfect geographical fit, as it enables us to expand our services and offer unrivalled top-to-tail coverage of this increasingly-popular stretch of the Aire Valley.
“With its improved transport links to business hubs of Leeds and Bradford, researchers have pinpointed Bingley as one of the fastest-growing commuter hotspots in the UK – another key reasons for us to launch here.”
“We are delighted to inherit staff from both Inghams and Henleys to our team – their insight and knowledge of the area adds an important dimension, and will ensure a smooth and seamless transfer for clients.”
He added: “We have ambitious growth plans for 2020 and beyond, and are already eyeing further acquisition opportunities across Yorkshire and the Humber, where agencies are of the right size and in the right location for us.
“This is a further signal of the continuing confidence we have in investing in the property sector, and consolidating and widening our presence across the region.”
Founded by Will Linley and Nick Simpson in 1997 with just two branches and a handful of staff, the duo’s home-grown Yorkshire success story now employs a team of over 250 people.
The acquisitions – completed for an undisclosed sum – represent the 10th and 11th to take place since Linley & Simpson secured the backing of LDC, the UK’s leading mid-market private equity investor, in June 2018 to accelerate its growth plans.
Gareth Marshall, investment director at LDC in Yorkshire & the North East, said: “Building Linley & Simpson’s regional footprint was a key objective for Will and Nick when we started working with them in 2018. Almost two years on, and the business’ rate of expansion has been exceptional.
“It’s growing portfolio of properties is testament to its position as the leading letting agency in the region and further evidence that a buy and build strategy can deliver a sustainable programme of growth that maximises opportunity and mitigates risk. We’re excited to see where the management team’s ambitious acquisition trail takes them next.”
- These latest deals were supported by funding assistance to Linley & Simpson from Santander Corporate and Commercial Bank; and its legal advice was provided by Simon Morris, Head of Corporate at Harrogate solicitors Raworths.