Lettings chain Leaders has bought a three-quarter majority stake in Jordan’s, uniting two of the best known names in the industry.
The deal, for an undisclosed sum, was backed by private equity business Bowmark Capital and will allow both businesses to grow by giving Leaders a presence in the north, whilst reigniting Jordan’s ambitions to expand.
The holding company of Leaders, Leaders Letting, has acquired a 75% shareholding in Residential Holdings Ltd, the company that owns Jordan’s Residential Lettings.
The deal is fundamentally different from all previous acquisitions by Leaders as Jordan’s will not be absorbed into Leaders but will instead continue to operate as a self-contained corporate entity.
Leaders and Jordan’s will work side by side, with Jordan’s focusing on the North-West of the UK and Leaders on the South. Both emphasised, however, that they will look to expand their networks within and beyond their regions.
Jordan’s founder and chairman, Robert Jordan, has retired from his role but has taken up an ongoing consultancy position with the business. His son, William Jordan, will remain a shareholder in Jordan’s and continue as its managing director.
Robert Jordan was a long-serving president of ARLA, which the founder of Leaders, Neville Lee, set up. Neville Lee’s son-in law, Paul Weller, is today managing director of Leaders, which has grown from the original single office in Brighton to a chain of 64 branches. Almost entirely southern-based, its most northernly venture so far has been Cambridge.
Leaders was founded in 1983 while Robert Jordanbegan his business in 1990, growing it to offices in Wilmslow, Altrincham and Warrington.
In 2004, the company was bought by the property firm Erinacious, which expanded it by franchising, aiming to turn it into a national chain. By the end of 2007, it had around 22 branches.
When controversial Erinacious collapsed, Robert Jordan bought his business back from the administrators, apparently having made major losses from the whole deal. Today, Jordan’s has five offices in Cheshire and Manchester, plus one franchisee in Bolton.
Commenting on the deal, Leaders’ managing director Paul Weller said: “We are extremely confident about the future of both businesses following this transaction. The terms of the deal have been specifically tailored to suit the circumstances of everyone involved and to ensure a successful long-term future for both Leaders and Jordan’s.”
Robert Jordan said: “This year I will be 69 and, having been self-employed since 1974, the time has finally come for me to step back. I am excited for the future of Jordan’s alongside Leaders, a firm I have known and respected for 20 years.
“I am very proud of what has been achieved within Jordan’s, and my thanks go to all staff past and present for making it a business that others try to emulate. I know that I am leaving it and its clients in safe hands.
“The future expansion of Jordan’s, coupled with the already extensive branch network of Leaders, will provide fantastic opportunities for Jordan’s employees and for anyone seeking a career in residential lettings throughout the country.”
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