LDC-backed Linley & Simpson expands into Humberside with latest acquisition
Property agency Linley & Simpson has expanded into Humberside for the first time after acquiring the lettings arm of another well-established agency, Beercocks in Hull.
The acquisition – completed for an undisclosed sum – is the 9th 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.
Linley & Simpson now operates 17 branches across North and West Yorkshire and this latest acquisition has transferred almost 500 properties into Linley & Simpson's own rental portfolio, which today stands at 8,700 homes.
"While Linley & Simpson may be a new name for Hull and its surrounding communities, our pedigree in residential lettings spans more than 22 years," said Will Linley, Chief Executive and Co-Founder of Linley & Simpson.
"We have a passion for property and a commitment to customer care, and look forward to bringing our expertise to Hull for the benefit of new and existing clients. To have acquired the lettings arm of a market-leading agency of Beercocks' calibre provides us with the best possible launchpad on which to build.
"We are also already eyeing further acquisition opportunities in the area. That underlines the confidence we have in investing in its future, and consolidating and widening our presence across the district."
Gareth Marshall, Investment Director at LDC in Yorkshire & North East, added: "The ambition of the team and their commitment to the business' expansion strategy has been clear to us since we invested in Linley & Simpson. This latest acquisition proves that.
"While on the face of it this deal represents the business dipping its toe into the Hull market, we have no doubt that it will lead to a far bigger expansion of its offering across Humberside. We look forward to watching Linley & Simpson go from strength-to-strength and supporting the team on the next phase of their ambitious growth journey."
Linley & Simpson will operate from within the Newland Avenue headquarters of Beercocks, before launching its own branded branch in different premises in the New Year. It is retaining Beercocks' frontline lettings team to ensure a seamless transition.
Funding to Linley & Simpson for this latest deal was provided by Santander Corporate and Commercial Bank.
Legal advice was provided by Simon Morris, Head of Corporate at Harrogate solicitors Raworths.