Connells buys Peter Alan agency for £16.4m

Connells has acquired the 26-branch Welsh agency Peter Alan for £16.4m.

This morning's announcement, which involves the purchase of Peter Alan from its current owner the Principality Building Society, will also see the Connells Survey & Valuation awarded an exclusive long-term contract to deliver valuation panel management services to Principality Building Society.

This will include the Principality's existing chartered surveyors and associated staff joining Connells Survey & Valuation's existing 400-strong workforce.

Peter Alan will continue to trade under its existing brand with the existing Managing Director Andrew Barry reporting to Connells Group Estate Agency Chief Executive David Plumtree.

This morning's announcement marks the latest step in the Connells Group's growth strategy - it has already acquired five local lettings and estate agencies since the start of the year.

Connells already has a presence in south Wales through its Allen & Harris estate agency branches, plus subsidiaries Vibrant Energy Matters and Conveyancing Direct.

We remain very open to approaches from owners of existing sales or lettings businesses looking to further their growth as part of a wider group, says Plumtree.