Atlantis has sold its Reading-based lettings and estate agency to the Romans Group, with £5m being paid to Atlantis’s ultimate owner, John Sykes.
Atlantis Property is part of Atlantis Group, set up in 2000. It has eight offices with its base in Reading where it employs around 75 staff.
The transaction completed at the end of last week and with the exception of the directors, all staff involved within the agency business now work under the company’s new owners at the local Romans office nearby.
The transaction does not include the transfer of the Atlantis brand and no assets were included as part of the transaction.
“The estate agency was the smallest part of Atlantis, yet the most time consuming to operate from the group’s board. Our estate management business ... has grown considerably over the years and will benefit from the increase in space in our Reading office. This is certainly an area of the group that we are looking to scale over the coming years” says Atlantis CEO Andrew Strong.