Sale of three Lettings Agencies completed in 10 days
The market for successful lettings businesses is still strong according to one of the country’s leading business transfer agents, reported Letting Agent Today on the 28th May.
Adam J Walker and Associates has sold Daisy Lets in Maidstone to (local competitor) Seekers, SD Lambert in Upton to Baker and Horner and Whites Independent Lettings in Farnham to Tom Soane. All have completed during the lock-down period.
“Covid-19 certainly presented a few obstacles, but nothing we could not overcome. Income from lettings and property management has proved to be very resilient. Buyer demand and values have held firm and we expect to be able to announce several more sales shortly.”
Said Julie Drake the broker handling the three sales for Adam J Walker and Associates.
“We have recently agreed two more sales, one to complete at the end of July and one in September.” She added.
Hugh and Gloria White of Whites in Fareham had been thinking about selling their business for quite some time and were so pleased that COVID-19 didn’t stop them. They said “We are looking forward to moving in a new direction after a thoroughly enjoyable 17 years looking after our landlords and tenants. We are extremely pleased to be handing over the reins to Tom Soane who we think is an excellent buyer”.
Tom is extremely excited to be able to build on the good work that Hugh and Gloria have put into Whites. He says he won’t be changing a thing, just adding some of his own innovations and technology in order to grow the business further.
Commenting on his sale, Colin Ollive, the owner of SD Lambert in Upton, said, “Having decided to retire after 44 years in my current business, I chose Adam J Walker and Associates to advise me and to carry out marketing discretely. I have to say, I have been very happy with the service and assistance received from them in bringing the sale to a very satisfactory conclusion.”
The buyer, Russ Smith of Baker and Horner said.” If you are an agency selling your business and not using Julie at Adam J Walker, then you are doing it all wrong! A fantastic and pleasant experience from start to finish! High praise indeed.
Adam Walker, founder of Adam J Walker and Associates said,
“Whilst the market for good managed letting businesses is still strong, as demonstrated by the fact we had four buyers for Daisy Lets for example, there is not as much demand for residential sales businesses at the moment, but we do hope that this market will recover soon.”
If you are thinking of selling, do give Adam J Walker and Associates a call on 01923 904784 or email jd@adamjwalker.co.uk. They are business transfer agents and management consultants who have specialised in the property sector for over thirty-five years.