One of the country's largest independent regional agency groups has been formed through an acquisition announced today.
Yorkshire estate agent, Manning Stainton, has announced the acquisition of one of Lancashire’s best known estate agents, Ryder & Dutton. The deal will create one of the largest independently owned estate agency groups in the country with a 40-plus branch network covering Leeds, Manchester and other hotspots across West Yorkshire, East Lancashire and Derbyshire.
The newly formed group will employ almost 450 people, and the senior management teams across both companies will be retained.
In a deal backed by HSBC, both long-established brands will be retained but joined together under an umbrella company, the Northern Estate Agencies Group, headed by Manning Stainton’s managing director, Mark Manning.
Mortimers Estate Agents, which Ryder & Dutton acquired in 2017, will also sit under the Northern Estate Agencies Group parent company, uniting the three regional estate and lettings agency brands, and creating a powerhouse property company with a combined turnover approaching £25m.
The deal will also create an expanded mortgage business, with a combined team of over 30 advisors in partnership with the Mortgage Advice Bureau. The lettings side of the business will also be significantly enlarged, with the Northern Estate Agencies Group now having over 3,000 properties under management.
Both Manning Stainton and Ryder & Dutton have Auction House and Fine & Country divisions, which will remain.
Mark Manning, new group managing director, says: “We have much in common with Ryder & Dutton, both home-grown and well established in our respective regions, with shared core values. The value in the estate agency industry is within its people, and combined, we have the best people in the business. One of the core principles of the enlarged Group is to respect the heritage and reputation of each of the brands, whilst we make the most of this landmark opportunity to bring all our strengths, skills and intricate knowledge of the regional market under one roof. Strategically, this is a powerful combination, and our senior team is set on delivering our plan to improve and further dominate the estate agency industry in the north."
And Ryder & Dutton’s managing director, Richard Powell, adds: "This is the coming together of two like-minded businesses who can really move the Northern estate agency sector forward and take more market share in each region. We’re building our businesses while retaining our successful local approach. We both pride ourselves on unrivalled local knowledge and great customer service, and we’ve admired and respected each other’s work and approach for many years. Forming an enlarged Northern Estate Agencies Group made sense on every level, and demonstrates our confidence in the growth of our industry.”