Thornley Groves clinches fifth acquisition in just nine months
A North West estate agency has marked its 30th anniversary by sealing a brace of acquisitions.
The deals see Thornley Groves, which operates a growing network of offices across Greater Manchester and Cheshire, launching a new branch in one up-and-coming area while consolidating its presence in another.
It has opened in Didsbury Village - a trendy suburb in south Manchester - for the first time, after buying the portfolio of letting specialists Tiger Property Partners.
And it has strengthened its market-leading position across north-western swathes of the city, after buying the sales and lettings business of Carr and Humein Swinton.
Having completed five acquisitions in the last nine months, the agency has added around 800 more properties to the increasing size of its portfolio.
The others included Pad Residential and Mint Properties in Manchester city centre; and Allison & Co covering neighbouring Salford and Swinton.
Its Chief Executive Officer, Jason Watkin, said: “We are proud of our local roots, so we are delighted to extend our customer service to new buyers and sellers, tenants and landlords, across these prime locations”.
“As well as inheriting a first-class portfolio of properties, we are also pleased to welcome the teams from other agencies into the Thornley Groves family”.
“Their insight builds on the existing local knowledge and home-grown talent on which we pride ourselves across sales, lettings, property management and financial services.”
He added: “We are actively exploring other acquisition opportunities to expand our lettings footprint across the North West’s most sought-after places to live and work”.
“This is a clear signal of the confidence we have in investing in the region, and in the future of the property sector as the roadmap out of Covid restrictions gathers pace.”
The Tiger acquisition has seen Thornley Groves launch in Wilmslow Road in the heart of Didsbury, taking the number of offices in its North West heartland to seven.
The Carr and Hume purchase has given Thornley Groves the opportunity to relocate its branch to the bigger and higher profile base formerly occupied by Carr and Hulme in Folly Lane.
This office will trade as Thornley Groves with Carr and Hume for the short term, drawing upon the long-standing Swinton pedigree of Carr and Hulme, which was established there more than 35 years ago.
Jason added: “With its tree-lined streets, independent shops, vibrant bars, and no shortage of restaurants, Didsbury is one of Manchester’s most-coveted neighbourhoods”.
“It has a village-like feel to it, and is just 20 minutes or so from the city centre by tram. We are delighted to launch there, be part of its thriving community and build on the strong reputation and brand that Tiger had there”.
“The Carr and Hume acquisition strengthens our presence in an area where we feel there is untapped potential”.
“Neighbouring Eccles was crowned as the property hot spot of 2020, with prices rising faster than anywhere else in Britain, according to the property website Rightmove. Average asking prices went up 16% there last year”.
“The suburb has been transformed into an urban village thanks in part to improved Metrolink tram connections and the BBC moving many of its operations to the nearby media city in Salford”.
“It is popular among private landlords and buy-to-let investors and we are delighted to be part of its success story.”
Established in 1991 from a single estate agency branch in Altrincham, today Thornley Groves has seven offices and employs over 100 staff.
In 2020, it sold £108m of property, let over 1,700 properties and managed more than 2,700 houses and apartments.
The agency is part of the Lomond of residential letting and sales agencies across England and Scotland.