Sourced has acquired Open House Estate Agents, adding 104 franchisees to its network. The deal also takes Sourced into estate agency and property auctions.
Open House will retain its existing brand and operating model. Its franchisees will join Sourced’s network of more than 230 operators.
The deal brings together two Warrington-headquartered property businesses. Both have developed nationwide franchise networks supported by central technology and systems.
Sourced currently operates across property investment, finance, lettings and property management. Open House adds residential sales and auctions to its offering.
Open House franchisees will also gain access to Sourced’s existing infrastructure. This includes funding to acquire established letting agencies and managed property portfolios.
Sourced said its immediate focus would be on opportunities across the two networks. It does not plan to change the existing Open House business model.
The acquisition gives Sourced a presence across more areas of the property market. These now span investment, finance, sales, lettings, auctions and property management.
Stephen Moss, head of Sourced, commented: “What stood out to us about Open House was how closely the business aligned with our own. We didn’t have to convince them to think like us because, in many ways, they already did.
“Both networks are built around ambitious local business owners, backed by the systems, technology and opportunities of a national organisation. Bringing those networks together creates huge potential for everyone involved.
“Open House brings established estate agency and auctions expertise into the Group, while we can open up our wider property network, technology and acquisitions programme to another 104 franchisees. We’re not looking to change what makes Open House successful. We want to build on it.”
