Newcomer on the block Nick Dunning is set to be a major force in industry acquisitions, leading an ex-Countrywide trio with a big budget to spend on the acquisition of around 100 businesses in the next five years.
There is speculation that the group could even buy Countrywide itself.
While Countrywide seems to have stopped its own acquisition programme in its tracks around ten months ago, Dunning, former head of lettings at Countrywide, yesterday announced the multi-million pound purchase of Badger – the umbrella company for high street firms Townends and Regents, plus its conveyancing and other arms.
Dunning has quietly set up a firm, Nick Dunning Associates, whose other partners also have very recent ex-Countrywide history.
They are Graham Harrison and Matt Hewitt.
Harrison was chief executive of lettings firms Ashton Burkinshaw, which was sold to Countrywide in 2007. He went with the sale, going on to negotiate 19 acquisitions for Countrywide, leaving in 2015.
Hewitt had a seven-year stint at Countrywide, setting up its online function before spending the last few years as Countrywide’s chief marketing officer. He too then left.
Nick Dunning Associates, set up by the three last month, says on its website: “We have been asked by several funds to engage with them to find and acquire up to 24 primarily lettings businesses every year for the next five years.
“This is not really any different from what we have already been doing for the last eight years while at the UK’s largest property services group.
“However, this time we are only looking for businesses that come with good and established management teams, so that they can continue to grow through further acquisition of their local competitors as and when they wish to sell, with the same management teams sharing in the upsides those acquisitions bring.”
Yesterday’s announcement of the Badger purchase appears to fit precisely the criteria of the purchases, including with it a good and established management team.
Founder and until now chairman Tony Addinall is understood to have retired as a result of the sale of his highly successful and very family-oriented business.
There is speculation that the group could even buy Countrywide itself.
Whoaaaa! They would be mad to do that at any price. What does this trio know about ‘retail’. Nothing.
What’s that? They know about ‘estate agency’.
Well that’s not going to do them much good, now is it…
😉
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A dislike, this early on?
Alison, is that you?
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I habe Been speculating for a while now there will be a buy out by ex countrywide members. Makes sense.
Believe the AGM is coming up as well. Think Ms Platt has some serious questions to answer.
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Oh to be a fly on the wall for that Q&A session. Having said that, it would be so embarrassing that I’d probably want to swat myself.
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Live stream on eye? Ha ha
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Everyday its worth logging on PIE just to see little anecdotes like this that make you laugh out loud. Priceless!!
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Cheers AgentV – I’m available for children’s parties.
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Mmmm… does that not perhaps smack of something a little underhand. Someone seems to be employed to run the business into the ground and, strangely, some ex Countrywide big wigs seems to suddenly appear to snap it up? I think I would be asking questions if so…
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The ‘House Of Cards’ of Estate Agency….actually more like ‘Designated Survivor’
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Why would they want to take on CWD.s massive debt when the star players will just up sticks on a free transfer . Suggest they leave it a little bit longer until CWD,s bankers come knocking at the door with a big haircut with a cry for help .
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If they believe buying townends is a good start they are sadly mistaken
last year estate agency made a small profit …lettings made the largest chuck but almost exclusively made up of tenant fees and contractor uplift!!
good luck when the proposed tenant ban comes in
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Dunning hasn’t got a clue about agency or even how to deal with people. I suspect he’s sold a very good story to private investors that he can do what CW failed to do. Forgetting however that he had a big role in CW’s failure. Sounds like he’ll have fun spending someone elses money, ruin a few agencies and then run away again when it all goes wrong.
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Sounds a bit like Platt then!
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I can’t recall the revenue, profit and share price when Nick and Bob were instrumental in the running of CWD. Can anyone shed some light?
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remour has it they are looking to buy the carsons brand of countrywide….
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