An agency has snapped up its second independent in 12 months.
James Douglas Sales and Lettings has acquired Leek and Weston in a deal funded by the Development Bank of Wales.
The acquisition will see all staff retained within James Douglas, which is one arm of The Seraph Group - a property agency headquartered in Cardiff.
Managing director Douglas Haig says: “This is an incredibly exciting acquisition for us as it boosts 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.”
The deal icomes a year after The Seraph Group added long-standing Newport agency Nuttall Parker to its portfolio. However, unlike that deal, Leek and Weston will not be continuing its brand and will see all assets be replaced with James Douglas in due course.
The previous owner of Leek and Weston, David Weston, is retiring but will stay as an associate with James Douglas.
Haig continues: “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.
“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.
“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."