A property group says it has £10m to spend snapping up sales and lettings agencies – and it says it has eight  acquisitions in the pipeline. 

Sourced has already completed four acquisitions this year, and chief executive Stephen Moss says conversations with independent agency owners suggest one particular reason driving many of their desire to sell – the rise of AI.

Moss says: “Some are excited about the opportunities it creates, but others are genuinely concerned that their business could be left behind if they do not continually invest in new systems and change the way they operate.

“Many have already spent years adapting to new regulation and technology. 

“They are now asking themselves whether they want to spend the next five or ten years trying to keep pace with another major shift.”

Moss says neither the businesses nor the owners are struggling – but they are wary of running firms in future when AI leaves uncertainty hanging over their employees, clients and reputation.

Sourced says it’s seeking established agencies with reliable revenue, capable teams and opportunities for continued growth. 

Each acquisition will be considered individually and subject to financial, legal and operational due diligence.

Moss adds: “The £10m is a minimum rather than a ceiling. If the right businesses come forward, we have the appetite to invest further.

“We want to speak with owners who are ready to sell, as well as those who are beginning to think about retirement or succession over the next few years.”

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