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Spicerhaart sets aside £26 million for acquisitions

The UK's largest independent estate agency chain – Spicerhaart – has a fund of £26 million to be spent on acquisitions.

The firm is looking to purchase agencies in areas where it currently has no market presence, as well as locations where it already operates.

The South Coast, London, Bristol, the West Midlands, Manchester and Yorkshire are some of the key locations in which it is looking to spend.

Paul Smith, Spicerhaart chief executive, insists his firm doesn't act like a 'ruthless corporate' and has the interests of existing staff at heart when acquiring new businesses.

“We have an excellent track record of acquiring businesses over the years, recognising the importance of looking after the people who work there and making them feel part of our family," he says.

Smith adds that Spicerhaart's commitment to expansion is a 'ringing endorsement' of the traditional estate agency model.

"The public are increasingly becoming wise to the fact the online agents just aren’t as good at selling their properties as traditional agents," he says.

"We firmly believe there is a place for well-run local estate agents, continuing to do business face-to-face when people choose to sell their most valuable asset, their home."

In the past, Spicerhaart – which runs well-known estate agencies Felicity J Lord and Chewton Rose – has acquired Woolwich Property Services, Darlows and Haybrook.

Smith confirms that Spicerhaart is looking to purchase profitable agencies, including those with lettings divisions.

He urges owners to contact his agency if their firm meets this criteria.

Other agents to recently announce their ambition for acquisition include Leaders and Romans as well as Gascoigne Halman.

  • Algarve  Investor

    You've got to commend their ambition. And they seem to do it in the right way, which is why you don't often hear a bad PR story regarding the above company. Compare and contrast to Foxtons...(in fairness, they've been better behaved in recent months, but they do always seem to be one step away from their next own goal or PR disaster.)

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    Is saying how much money you've got really a good idea though? It means business owners who are selling can just negotiate a higher price. It's like when a football club goes public with how big their transfer budget is - just pushes prices up!

    Daniel Roder

    Good point. Maybe a bit more discretion and mystery would be advisable in this case.

     
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