A South Wales property auction and lettings business has snapped up a competitor in the same city.
Newport-based Paul Fosh Auctions and Lettings swooped for Everything Lettings in a deal which will see the leading property business more than double the size of its lettings arm. The value of the acquisition has not been revealed.
Paul Fosh Auctions, based on Lower Dock Street, has been established in Newport for more than 20 years.
The business, which consistently tops the charts in Wales for the number of properties sold and the cumulative annual total value of the sales, stages monthly online property auctions as well as managing an expanding stable of properties for clients.
The lettings acquisition has created two new jobs and more could be generated as the lettings side of the business continues to grow while retaining its headquarters in Newport.
Paul Fosh, owner and founder of Paul Fosh Auctions, said: “The acquisition of Everything Lettings is a perfect fit for us and allows our already very healthy lettings business to grow to more than twice its current size.
“We envisage seeing further expansion in this side of the business in 2023 through acquisition as well as organic growth. We’re looking to massively expand this side of the business over the coming years.
“Most of the properties which have been acquired through the acquisition of Everything Lettings, a very successful, medium-sized business built up over the past five years, are within the Newport, Gwent and surrounding areas.
“We have been growing organically over the past four years and were pleased with our steady growth but this opportunity to acquire the Newport-based business presented us with an opportunity to double our business.
“The owner had other offers for the business but chose to go with us as he was personally invested in his business and clients and liked the synergy between our way of working and his and was comfortable with us taking the business over.
Paul said his lettings arm is on the acquisition trail.
“We are keen to scale up, lettings is a scalable business, so we’re on the lookout now to acquire suitable similar businesses to help us grow. It’s advantageous for a lettings business to operate at a certain scale as this allows staff to specialise.
“We are now looking to consolidate our position in South Wales by increasing the density of our activities here as well as at the same time reaching out into newer areas across the Severn in Bristol and the west country.
“We already manage properties in Cheltenham, Bristol and Llanelli areas so we have a broad coverage. The aim now is to increase the density of coverage in those areas with the business controlled from our Newport headquarters with some staff working remotely
“Work is now in progress to make thorough inspections of all the properties in the portfolio to ensure that they’re up to standard in line with new government regulations which came into force from December 1, 2022.”