Five directors of Landwood Group yesterday became the sole owners of the Manchester-headquartered property business, following a management buyout.

The directors have purchased the shares of Landwood Commercial (Manchester) LTD held by MRA Professional Services Group via newco Landwood Group Holdings LTD.

Landwood Group has seen considerable growth in recent years, which included a merger with chartered surveyors Wignall Brownlow in March 2023.

Mark Bailey, Richard Parkinson, Helen Jude, Kate Lay and James Ashworth, will now focus on the firm’s future growth and as shareholders develop the current markets they operate in.

Bailey said that this purchase represents an exciting new chapter for Landwood Group with ambitions to double in size within the next five years.

He explained: “We are very much in growth mode – both building within the markets in which we currently operate and growing into new service areas.

“It has been a pleasure working alongside MRA Professional Services for the last 4.5 years and I thank them for their support during that time.

“However, we are now focussed on a future that builds on the strength and depth of our team, of whom we are incredibly proud and will be looking to recruit into new areas to support these plans.”

Corporate finance advice to the management team was provided by Ian Waddingham and James Smith from MHA Moore & Smalley.

Ian Waddingham, corporate finance director at MHA Moore and Smalley, said: “Landwood Group is very well regarded in the property services sector and we’re proud to have supported the management team to acquire the business. They have exciting plans for growth, and I look forward to seeing them take the business forward on the next stage of the journey.”