The private investment company that yesterday announced its acquisition of a lettings service is now saying it’s on the look-out for more.

Hawthorn Capital says its acquisition of the Xenia Property Group, which manages over 4,000 homes and specialises in block management, residential and student lettings, is just the start.

Will Bainbridge, who set up Hawthorn four years ago, says his company is building a property arm “through acquisition, investment and operational transformation.”

He comments: “The UK property services market is large, highly fragmented and undergoing significant change.

“Increasing regulation, rising customer expectations and technology requirements are strengthening the case for scale and professionalisation, creating an extremely compelling long-term consolidation opportunity.

“We believe there is significant scope to build businesses of scale by combining strong existing operators with long-term capital and institutional-quality systems and operating capabilities.”

Xenia has 65 staff based at its headquarters in Sale, Greater Manchester, and offices in Bradford and Sunderland.

Bainbridge continues: “Xenia provides us with an established platform across several areas of the market, with a meaningful geographic presence, an experienced team and a broad customer base.

“A key part of our strategy involves using technology, automation and data to reduce administrative complexity, improve productivity and enable teams to spend more time on higher-value customer work.

“We are already working closely with the Xenia management team to strengthen the group’s systems, infrastructure and operating capabilities while investing behind growth.”

And he adds that “we see it as a strong platform for further consolidation. Hawthorn is actively evaluating complementary acquisitions across block management, property management and adjacent real estate services throughout the UK.

“We have a particular interest in established businesses with strong customer relationships, capable management teams and owners looking for a long-term home for what they have built.”

Since its founding in 2022, Hawthorn has invested across UK real estate and real estate services. The firm has also founded and grown Prime Residential, a lettings and property management business operating across five UK cities – London, Manchester, Liverpool, Birmingham and Leeds.