Connells Group has acquired the nine-branch Touchstone residential letting business from Touchstone Corp Property Services, one of its partners in a buy-to-let property fund.

Hearthstone Investments was the UK’s first authorised residential property fund manager, allowing investors access to property without the complications of ownership.

Connells made its own strategic acquisition into Hearthstone in 2012, saying it expected to see substantial returns.

In the announcement of Connells’ acquisition, the statement said that Touchstone Residential Lettings was owned by Touchstone Corporate Property Services, which has decided to leave the buy-to-let market to focus on institutional investments.

The firm has nine branches in Kent, Buckinghamshire and the west country. Sites include Bath, Milton Keynes and Maidstone.

For the time being the Touchstone brand will be retained before being integrated into local Connells Group brands by the end of the year. All 50 staff will be retained.

The move continues Connells’ strategy to expand its lettings business which has seen the firm open up three lettings branches per month since the start of 2012, taking the total to over 320.

Stephen Nation, Connells Group lettings managing director, said: “We are really pleased to have acquired Touchstone Residential Lettings which represents the opportunity for us to develop an already successful business and work with some great staff.”

“This acquisition is another step in our expansion strategy, fits seamlessly with our existing lettings branch network and we welcome the TRL team to the Connells Group”

Matthew Hunt, managing director of Touchstone Residential Lettings, said: “We believe the sale to Connells Group, with its clear focus on the development of a retail lettings business, will provide better opportunities for staff and allow for the development of an even stronger offer for customers.”