A major regional estate agency, Badger Holdings Group whose high street brands are Townends and Regents, has been bought for an undisclosed sum.
The purchase is Nick Dunning Associates, headed by former Countrywide commercial director Nick Dunning, who this morning made it clear this is only the first of his acquisitions.
Badger, founded by Tony Addinall, has 26 branches in London and the southern home counties. Its management, headed by group CEO Seamus Kavanagh, stays in place.
Nick Dunning Associates was founded by Dunning soon after leaving Countrywide in April 2015. He left at the same time as estate agency director Bob Scarff. At Countrywide, Dunning was responsible for running the profitable lettings division, and oversaw the acquisition of circa 100 businesses throughout the UK.
Working with a leading private equity investor, Nick Dunning Associates has the objective of building a new scale player in the lettings agency sector and is actively looking to acquire further lettings focused agencies across the UK. The firm is open to working with established management teams who are prepared to stay with their business post acquisition and share in its continued growth.
Dunning said of his acquisition: “The Badger Holdings Group is an extremely well run business with an excellent reputation and a solid record of profitability. It is a great platform from which to grow our business in London and the Home Counties.
“We will be looking for the management team to drive growth organically in all its business divisions but also through strategic acquisitions and expanding their branch footprint.”
Kavanagh said: “Everyone at Badger is very excited by the acquisition of our business by Nick Dunning Associates. Nick and his team bring a wealth of experience and knowledge that will be invaluable in helping us to grow our business and achieve our objectives. I would be pleased to hear from owners of other lettings focused businesses in London and the Home Counties who may be considering an exit in the next few years.”
Townends and Regents have branches in the following locations: Addlestone, Aldershot, Brook Green, Chertsey, Chiswick, Croydon, Ealing , Earlsfield, Egham, Englefield Green, Guildford, Mitcham, Northfields, Putney, South Norwood, Southfields, Staines, Streatham, Sunbury-on-Thames, Thornton Heath, Twickenham, Whitton and Woking