The purchaser of Badger Holdings – which operates the Townends and Regents brands – has made a second acquisition and made it clear it wants plenty more.
Nick Dunning Associates has bought Adams Property, a letting-only business in Ealing, west London, which adds more than 700 managed units to Badger’s portfolio.
Badger Holdings, which consists of 26 letting and sales branches, was acquired in January for an undisclosed sum.
The deal heralded the arrival of a major new player.
Nick Dunning Associates was launched late last year by Nick Dunning, formerly Countrywide’s commercial director.
Working with a leading private equity investor, the firm has made plain its intention to become a new scale player in the letting agency sector, by purchasing around 20 letting focused businesses across the UK every year for the next five years in a buy and build play.
The firm has also said it is open to working with established management teams who are prepared to stay with their business post-acquisition and share in its continued growth.
As well as Dunning, the team includes sales director Graham Harrison, commercial director Matt Hewitt and chief financial officer Julian Irby, all of whom worked together at Countrywide.
Commenting on the new acquisition, Seamus Kavanagh, chief executive of Badger Holdings, said: “We welcome the Adams Property team to our business and we look forward to them growing with us in these exciting times. Adams Property perfectly complements our existing branches and gives us a further foothold for expansion into other areas where we currently don’t operate.”
Dunning said: “We are all very pleased to have completed the acquisition of Adams Property and see this as the first of many for Badger Holdings as we look to expand the network significantly this year.”