London estate agent Portico has acquired an eight-branch business, Spencers, and announced that it has a £10m facility for further acquisitions.

Spencers, based in East London, was founded 24 years ago. It will continue to trade under its existing name with managing director Alan Spencer and operations director Keith Cross retained as consultants.

Portico was the brand created after Edmund Cude acquired Bushells in 2012.

Portico will now have 20 offices in its group.

Portico managing director Robert Nicholls said: “This critical acquisition supports our vision for the growth of our services and aligns with our mission to expand our presence in the marketplace.”