Sourced has acquired Open House Estate Agents, adding 104 franchisees to its network and extending the group’s operations into estate agency and property auctions.
Open House will retain its existing brand and operating model following the deal, with its franchisees joining Sourced’s network of more than 230 franchise operators.
The acquisition brings together two Warrington-headquartered property businesses that have built nationwide networks of locally based operators supported by centralised technology, systems and infrastructure.
Sourced currently operates across property investment, finance, lettings and property management. The addition of Open House expands its offering to include residential sales and auctions.
Open House franchisees will also gain access to Sourced’s existing infrastructure, including an acquisition funding programme that can be used to purchase established letting agencies and managed property portfolios.
Sourced said its immediate focus would be on identifying opportunities across the two franchise networks rather than making changes to the Open House business model.
The deal gives Sourced a wider presence across the property transaction process, covering investment and finance through to 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.”
