Farley Group, the acquisitive residential property services company backed by Vincent Tchenguiz, today announced it had taken over three regional competitors in a bid to dominate estate agency in southern England
The AIM-listed group has acquired Mayfair-based Blenheim Bishop, which is headed by Jonathan Vandermolen, Ashford-based agency BTF Lister and its local rival, Calcutt Maclean Standen West Kent, in deals totalling around £5.3m.
News of the raft of acquisitions coincides with Farley’s £2m buy-out of the franchisees at Humberts offices in Worcester and Malvern.
All four deals will be funded by a mixture of cash, three-year loan notes and new Farley shares.
Max Ziff, chief executive of Farley, commented: ‘The acquisition of Blenheim Bishop, which we will rebrand as Humberts, will give us the trophy Mayfair office we have been seeking.
‘With the acquisition of BTF Lister, Humberts will gain a leading independent rural agency business in the south-east, as well as growing commercial and utility advisory practices.
‘Ian Standen [head of Calcutt Maclean Standen West Kent] is a well respected practitioner who has been operating at the upper end of the residential agency business for many years.’