Countrywide snaps up south east letting agent
News Category: Industry News
Published: 05-Jul-2010
Countrywide, the UK’s largest property chain, is continuing its expansion plans with the purchase of the Letmore Group, a specialist lettings agency with seven offices in east London and Essex.
The Letmore Group was established in 1999, bringing together three lettings businesses: PMS Letting & Management Services (established in 1989), Forest Bureau (1966) and Churchill Lettings (1990).
John Hards, co-managing director of Countrywide Residential Lettings, said: “The Letmore Group offers huge potential in prime commuter locations and key rental hot-spots across east London and Essex. The heritage of the brands was a huge attraction for Countrywide and integral to the deal, as were the staff who are a credit to the business.
“Their success over the last 40 years of trading is a credit to the team involved and I’m looking forward to seeing how further portfolio acquisitions and Countrywide’s fresh investment can build on this.”
The news follows Countrywide’s high-profile acquisition of Hamptons International last month and its network of more than 80 estate agency and lettings branches.
Other recent acquisitions include Accord Lets in Birmingham, Warwick and Leamington Spa, Andrew Reeves in Kent and south London and Hunters for Homes in Falmouth, Cornwall.
Phil Spencer, managing director of the Letmore Group, said: “I’m incredibly proud of the business we’ve grown but felt we had reached a stage where we needed to expand further by either an injection of substantial investment or to join forces with a major company that had the resources to take the Letmore Group to the next level.
“Countrywide offers the best future for the Letmore Group and will build on our existing brands by offering new investment and new opportunities for our staff and for the business to grow as part of a network of 1,300 offices.”
Spencer will continue in his role as a consultant for the next 12 months, having spent more than 20 years growing the business.
All 40 staff will be retained at the business, which will continue to operate as three local brands.
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