A Cardiff-based property agency has made its second acquisition in 12 months taking its group turnover to more than £3m.
James Douglas Sales and Lettings has bought Leek and Weston estate agents in Pontypridd for an undisclosed sum.
This is the second deal the firm has made in 12 months and will see all of Leek and Weston's asset transferred to the agency.
Funded by the Development Bank of Wales and supported by Green and Co Accountants and Loosemores Solicitors, the deal will see all staff retained within James Douglas, which is one arm of Cardiff property management firm Seraph Estates.
The previous owner of Leek and Weston, David Weston, will retire but stay on as an associate with James Douglas.
James Douglas managing director, Douglas Haig said: “Leek and Weston has been a business I've admired for a number of years and when David mentioned his wish to retire, I was delighted to have a discussion."
He added: “We have worked hard with David and his team, and assured all landlords and partners that the business will be in safe hands as part of the Seraph Group.”
Twelve months prior to this deal Seraph Estates acquired Newport agency, Nuttall Parker, which continues to trade under its brand.
Mr Haig said: "This is an incredibly exciting acquisition for us to boost our footprint in the Pontypridd and wider-RCT market."
"We have proudly held an office in Pontypridd so we are looking forward to all new staff joining us from there, as well as welcoming landlords and tenants. More broadly, this deal will see our group turnover exceed £3M which forms a key driver in our strategic growth and we’re very grateful to have the support of the Development Bank.”
Speaking on the nature of the property market in south Wales, Mr Haig said: "We are seeing a lot of consolidation within the market, particularly as a result of the pending introduction of the Renting Homes (Wales) Act this July, which fundamentally changes how landlords and agents operate."
He added: "Our experience in being involved in the drafting process of this legislation leaves us perfectly placed to manage this transition and we are happy to talk with others that are considering exiting the market at this time."
Emily Jones of the Development Bank of Wales said: "The Seraph Group provides a full range of property services and is well-placed to scale-up and grow the business as opportunities arise. Our funding for this acquisition means that James Douglas now incorporates the Leek and Weston team, giving them a strong foothold in the Pontypridd market."
