One of London’s best known agents, Stirling Ackroyd, has been snapped up by the new business formed by ex-Countrywide commercial director Nick Dunning.
It is the third acquisition for Nick Dunning Associates.
Stirling Ackroyd has six branches and manages a lettings book with more than 1,400 properties.
Opening in Shoreditch in 1987, the firm also has branches in Bankside, Clerkenwell, Hackney, West End and Chatsworth Road.
The firm built up a strong reputation over the years with a mixed practice of commercial and residential sales and lettings.
However, it was reportedly in trouble, with a petition – subsequently withdrawn – lodged by HMRC to have the firm wound up last year, https://www.thegazette.co.uk/notice/2527034
A voluntary agreement was put in place with its creditors in January. Its founder, James Goff, died last September. http://www.costar.co.uk/en/assets/news/2017/January/Stirling-Ackroyd-CVA-wins-creditor-approval-/
Companies House shows the firm’s status as ‘voluntary arrangement’.
Nick Dunning Associates will now invest in the Stirling Ackroyd brand and branch network through a refurbishment and infrastructure upgrade programme. It also looks to grow the business to treble its size in three years through organic growth and acquisition.
This is the third acquisition for Nick Dunning Associates, following the acquisition of Adams Property in June and Badger Holdings Group in January.
Dunning, chief executive of Nick Dunning Associates, said: “We are very excited about this acquisition and delighted to be able to make this announcement. Stirling Ackroyd is a well-known agency in London with a committed and loyal team behind it. We hope to grow the business over the next few years and further increase its presence in the city fringes and beyond.”
Nick Dunning Associates launched last year. Working with a leading private equity investor, the firm intends to become a new scale player in the lettings agency sector, by purchasing around 20 letting focused businesses every year for the next five years in a buy and build play.
The firm is actively looking to acquire lettings focused agencies across the UK and is open to working with established management teams who are prepared to stay with their business post acquisition and share in its continued growth.
The experienced leadership team consists of Dunning, Graham Harrison, Matt Hewitt and Julian Irby, all of whom worked together at Countrywide plc.