High-end London agency chain Chestertons has snapped up an independent lettings agency in the east of the capital.
Morgan Randall operated across Canary Wharf, Shoreditch and Islington and the deal, made for an undisclosed sum, will see Chestertons absorb the lettings book, run from existing Canary Wharf, Tower Bridge and Islington offices.
Some Morgan Randall staff will not be taken into the new arrangement; likewise Chestertons says it will not be taking over the branches, nor be using the Morgan Randall brand beyond a short transition period.
Chestertons announced its intention to actively look for acquisitions last year; it says in its latest announcement that the growth is bring driven by lettings.
“Following our comprehensive restructuring of the business two years ago, Chestertons is in a very strong financial position, which has allowed us to commence the next stage of our growth plan, which is focused on expanding the business through acquisition” explains Guy Gittins, the agency’s managing director.
“Our lettings business has grown rapidly over the past few years and we have invested heavily in new technology, processes and personnel to make it one of the strongest lettings departments in London. It has also given us the ability to scale up and integrate additional acquisitions, such as Morgan Randall” he continues.
Currently Chestertons has 31 offices across London and over 70 international branches spanning Europe, the Middle East and Asia.
This post has originally been featured in Letting Agent Today.