Sourced, a property investment service that offers funding for the acquisition of agencies, has itself acquired a franchise brand.

It as snapped up Open House Estate Agents, which has 104 franchisees. 

This adds to the Sourced group’s existing 230 operator network.

A statement says the deal means the latest franchisees will now have access to Sourced’s acquisitions programme, which majors in the purchase of lettings agencies. 

The statement continues: “The acquisition brings an established estate agency and auctions operation into the wider Sourced Group, alongside its existing property investment, finance, lettings and property management businesses.

“Open House will continue to operate under its own brand, with the focus now on bringing the strengths of both networks together to create new opportunities for franchisees and clients.

“Despite growing independently, Sourced and Open House have built their businesses around a similar model: local business owners backed by the infrastructure of a national network.”

Stephen Moss, who founded Sourced in 2017, says: “Both networks are built around ambitious local business owners, backed by the systems, technology and opportunities of a national organisation. Bringing those networks together creates huge potential for everyone involved.

“Open House brings established estate agency and auctions expertise into the Group, while we can open up our wider property network, technology and acquisitions programme to another 104 franchisees. We’re not looking to change what makes Open House successful. We want to build on it.”