Thames Valley firm Davis Tate has appointed Matthew Bates, pictured, as its new managing director following the decision by its founders, Matthew Davis and David Tate, to step down from the position they held jointly.

They will, however, continue to play active roles in the business for at least the time being.

The agency, which was established by Davis and Tate in 1991, became part of LSL in February 2012 as part of the pair’s exit strategy, and now operates from 13 offices across west Berkshire and south Oxfordshire, employing 80 staff.

Bates takes up his new role following 23 years in the property industry. He has been at Davis Tate for 12 years, latterly as lettings director.

Greg Young, managing director of LSLi, which, as part of LSL, provides growth, development and exit opportunities for independent agents, said: “I would like to congratulate Matthew on his appointment and feel confident that, drawing on his extensive knowledge of the industry, and of Davis Tate, he will be able to build on the significant success of the agency.

“I would also like to take the opportunity to thank Matthew Davis and David Tate for their significant contribution to this success and to the development of the agency over the years and to wish them all the best in the future.”