Dwelly has completed its fifth acquisition of the year and its second in less than a week after acquiring Cheltenham-based lettings agency Elliot Oliver.
The deal brings around 900 fully managed properties into the Dwelly network, strengthening the company’s presence across the Cotswolds and South West while taking its national managed portfolio to almost 9,000 properties.
The acquisition follows closely on the heels of Dwelly’s purchase of Midlands lettings firm Albery Tyson, continuing an expansion strategy that has accelerated since the company secured £69m in funding earlier this year.
Elliot Oliver, which was founded in Cheltenham, has established a significant presence in the local lettings market. Managing Director Georgy Phillips will remain with the business following the acquisition and will continue to lead the agency’s operations.
Dwelly said maintaining local leadership is a key part of its acquisition model, with the business focusing on supporting existing management teams while introducing new technology, operational systems and AI-driven processes aimed at improving efficiency and performance.
The latest purchase further underlines the pace of consolidation within the lettings sector as larger operators seek to expand their geographic reach and grow managed portfolios through acquisition.
Oliver Bishop, founder of Elliot Oliver, said: “Dwelly’s approach stood out because they aren’t looking to replace the identity of the businesses they acquire, they’re looking to strengthen them, and their focus on supporting good people with better systems and technology made this feel like a very natural fit.
“With Georgy continuing to lead the business, I’m incredibly confident that Elliot Oliver is well positioned for its next phase of growth.”
Sam Humphreys, head of M&A at Dwelly, added: “As our acquisition activity has increased this year, so too has the number of conversations we’re having with agency owners across the market. But we remain very disciplined in terms of the businesses we choose to partner with.
“Elliot Oliver stood out because it’s a business with a strong local reputation, a great culture and a team that genuinely understands its market. Those qualities are incredibly valuable and they’re not something we look to replace post acquisition.”
