Fast-growing Principle Estate Management has acquired the residential lettings and block management book of a Birmingham-based independent.

The acquisition of Pennycuick Collins’ portfolio increases Principle’s stock to 25,000 leasehold units and 600 lettings managed units.

Pennycuick Collins will now focus exclusively on commercial property and building surveying services.

Principle’s founder and joint managing director Brett Williams says: “This deal is particularly special to me, as it brings my career full circle, having worked in this business earlier in my career.

“The acquisition aligns with our mission to blend experienced people, smart systems, and client-focused service. 

“There is real talent in the team, and we’re excited about the opportunities to further enhance service quality with the structures we already have in place.”

Joe Jobson, co-owner and joint managing director at Principle, added: “As part of the acquisition, we’re delighted to welcome Lucy Roberts as our new director – head of residential asset management.

“With over 20 years of industry experience, Lucy brings a wealth of knowledge and a trusted team alongside her. This ensures continuity of service for our existing clients while strengthening our offering for new ones.”

A statement from Pennycuick Collins owners Adrian Roddick and Charles Gillett states: “We’ve been seeking the right home for this part of the business and we’re confident we’ve found it in Principle. Our team is excited about the move, and we know our residential clients will be in great hands.”