Manchester-based Thornley Groves, part of the Lomond group, has bolstered its rental portfolio by more than 1,400 properties after sealing another brace of strategic acquisitions.
The company, which operates a network of offices across Greater Manchester and Cheshire, has acquired the lettings and sales business of the triple-branched homes4u, a well-known name in the Manchester property market for over 30 years, as well as the student rental specialists Around Town Flats.
Thornley Groves has now secured 10 acquisitions in little over a year – almost tripling the size of its business. It currently has almost 6,000 properties under its management compared to 2,400 at the end of 2020.
According to chief executive Jason Watkin, the latest deals form another major step forward in its aim to accelerate this portfolio past the 10,000 milestone by the end of 2022.
“These deals represent a perfect strategic and geographical fit,” he said. “The offices we inherit from homes4u equip us with a golden opportunity to consolidate our Manchester presence by launching in new, bullseye locations.”
He continued: “This springboard includes Deansgate, a bustling mile-long stretch of road that connects pretty much every part of the city centre, as well as the in-demand and vibrant student suburb of Fallowfield.
“The opening of these flagship branches will increase our network to 11, including three in the city centre, where the resurgence in new build shows no sign of slowing.
“Just within the last few days, permission was approved to create four huge new towers – including a 60-storey skyscraper – as part of a £494m scheme to create 1,950 apartments.
“Our new Fallowfield base is also a tactical move – crucially, it will give us uninterrupted coverage along the belt linking the centre and our major South Manchester hub in Didsbury.,”
The deal will see the owner and managing director of homes4u, Carolyn Mellor, retiring and continuing her involvement in a number of charities, including the Maggie’s Cancer Charity in Manchester where she is a board member.
She said: “It has been my personal goal to provide an exceptional service and trusted advice to all of our clients, and I’m extremely proud of our achievements – and especially of the team who have been part of this journey over the years.
“Everyone has played a key part in this story of success and the decision to join with Thornley Groves is the next chapter in this story.
“I am confident that Thornley Groves’ 30 years’ experience in the property sector combined with centralised resources and support services within the Lomond Group, will ensure this new chapter is going to be a successful one.”
Thornley Groves became part of Lomond Capital in 2013 and at the end of 2020 the Lomond Group merged with Linley & Simpson joining forces to co-create an ambitious new national lettings and sales business.
The group now has a combined portfolio of over 30,000 properties under management, and major hubs in private rental hotspots including Aberdeen, Birmingham, Brighton, Edinburgh, Glasgow, Hull, Leeds, Manchester, Sheffield and York.
It has brought together some of the strongest letting and estate agency names on the UK High Street, including Linley & Simpson, Thornley Groves, Brand Vaughan, Michael Jones & Company, and John Shepherd in England; plus Stonehouse, Braemore, Fineholm and the recently-acquired DJ Alexander in Scotland.
The Lomond Group, which has the backing of major private equity firm LDC, has access to further acquisition investment provided by LGT Capital Partners.
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