A well-known property and auctions business, CPBigwood, has been bought for an undisclosed sum.

The buyer is Shepherd Direct, which operates the 50-branch franchise business Century 21 UK, runs a property management business, is instrumental in build-to-rent deals, and handles over 140,000 valuations a year through 70 employed surveyors and 150 panel firms.

CPBigwood has six branches, with two offices in Birmingham, plus London, Stratford upon Avon, Loughborough and Southampton.

Its origins date back to 1854. It raises some £80m per year through auctions, and has more than 25,000 properties under management. Its business encompasses residential sales and lettings, plus commercial agency, professional services and surveying.

The current firm was formed in 2011 with the merger of Bigwood and Curry & Parnters, the aim being to build a national group.

Its senior partner, Rory Daly, is staying with the business as chief executive.