Scottish letting agency group Umega has expanded its portfolio with the acquisition of Dundee-based Easylets, taking the number of homes under management to more than 3,800.
The deal, completed three months ago but announced today, marks Umega’s sixth agency acquisition since 2015.
Easylets founder Jack Reavley, who established the business 25 years ago, has retained a shareholding and continues to run the Dundee operation.
The agency will keep its existing name and staff, while gaining access to Umega’s marketing, technology, compliance and operational support.
Umega says the arrangement allows Reavley to remain involved in the business while reducing his day-to-day administrative responsibilities.
The financial terms of the deal and the size of Reavley’s retained stake have not been disclosed.
Founder stays on as Umega targets further acquisitions
The acquisition expands Umega’s presence across Edinburgh, East Lothian and Dundee.
The group claims to be Scotland’s second-largest residential lettings business, with more than 3,800 properties under management.
Reavley said retaining ownership and control of the agency’s daily operations was central to the agreement.
“I built Easylets over 25 years and I wasn’t ready to walk away from it. With Umega I didn’t have to,” he said.
“I’m now a partner in the business and I’m still here for our landlords, but I’m spending far less time on the day to day and far more on the parts I love and where I can have the most impact. Having Umega’s marketing team behind us has been a real step change.”
Umega co-founder and managing director Neil McInnes said the group had no plans to change the Easylets brand.
“Easylets is a well established name in Dundee and we never considered changing it,” he said.
The acquisition reflects Umega’s approach to buying independent agencies, with owners able to negotiate full exits, partial sales or gradual handovers.
More deals on the horizon
Umega is now seeking further acquisitions in Edinburgh and Dundee, alongside opportunities to enter new areas of Scotland.
Co-founder and chief revenue officer Andy Whitmey said the group was willing to structure deals around individual owners’ circumstances.
“Selling an agency you’ve spent years building is a big, personal decision. No two owners want the same thing,” he said.
“Some want a clean exit. Others want to stay involved, or hand over gradually over a few years. We’re flexible, and we shape each deal around the owner.”
Whitmey confirmed that acquisitions remain a central part of the group’s expansion plans.
“We’re actively looking to move into new territories across Scotland and for further acquisitions in Edinburgh and Dundee,” he said.
Umega has not disclosed how many additional acquisitions it hopes to complete or provided a timetable for its next deal.
