Cardiff estate agency eyes strategic growth as it completes second acquisition in 12 months
A Cardiff-based estate agency has completed its second acquisition in 12 months, taking its group turnover to over £3million.
James Douglas Sales and Lettings bought estate agents Leek and Weston in Pontypridd for an undisclosed sum.
This is the second deal the company has completed in 12 months and will see all of Leek and Weston’s assets transferred to the agency.
Funded by the Development Bank of Wales and backed by Green and Co Accountants and Loosemores Solicitors, the deal will see all staff retained within James Douglas, which is one arm of Cardiff property management company Seraph Estates.
Former Leek and Weston owner David Weston will retire but will remain associated with James Douglas.
James Douglas managing director Douglas Haig said: “Leek and Weston has been a company that I have admired for several years and when David mentioned his wish to retire I was delighted to have a chat. “
He added: “We have worked hard with David and his team, and have assured all owners and partners that the business will be in safe hands as part of the Seraph Group.”
Twelve months prior to this deal, Seraph Estates acquired Newport agency Nuttall Parker, which continues to trade under its brand.
Mr Haig said: “This is an incredibly exciting acquisition for us to strengthen our footprint in the Pontypridd and wider RCT market.”
“We have proudly run an office in Pontypridd so we look forward to all new staff joining us from there, as well as welcoming landlords and tenants. More broadly, this deal will see turnover from our group exceed £3 million. which is a key driver of our strategic growth and we are very grateful to have the support of the Development Bank.
Speaking on the nature of the property market in South Wales, Mr Haig said: “We are seeing strong consolidation in the market, particularly following the imminent introduction of the Property Lettings Act. houses (Wales) in July, which fundamentally changes how landlords and agents operate.”
He added: “Our experience of being involved in the process of drafting this legislation leaves us perfectly placed to manage this transition and we are happy to speak with others who are considering exiting the market at this time.
Emily Jones of the Development Bank of Wales said: “The Seraph Group provides a full range of property services and is well placed to grow and grow the business as opportunities arise. Our funding for this acquisition means that James Douglas now joins the Leek and the Weston team, giving them a solid footing in the Pontypridd market.”