Savills has snapped up block management business Chainbow for an undisclosed sum.

Savills announced that the 28-strong team of the property management and consultancy service would join it with immediate effect.

This includes its managing director Nigel Bosworth and associate directors Gail Lawrence and Niccie Storr.

Mark Ridley, chief executive of Savills UK and Europe, said: “Chainbow has an established and well-respected reputation across the property management spectrum, particularly in the residential and estates arena, which will both complement and enhance our existing offer.”

The firm was set up in 1989 by chairman and chief executive Roger Southam and specialises in residential block management, private rented and build to rent sectors, and has a range of clients including Taylor Wimpey, Englander Group and Westrock.

Nick Herward, head of property management at Savills, said: “Property management is a key service line for our business and the integration of Roger, Nigel and their team will be a superb catalyst to augment our leading central London offer, as well as the wider national management division.”

Southam, chairman and chief executive of Chainbow, said: “Both companies have a wealth of experience in the property management industry, which combined, will really create a formidable force.”

Southam is now heading up a new trade body for ‘build to rent’ in the UK.