LANCASHIRE’S largest estate agent, Ryder and Dutton, has been acquired by leading Yorkshire estate agent, Manning Stainton.
The acquisition will create one of the largest independently owned estate agency groups in the North of England, with a 40-plus branch network covering Manchester, Leeds, Derbyshire and other hotspots across East Lancashire and West Yorkshire.
In a deal that has been privately backed and supported by HSBC, both long-established brands will be retained but joined together under an umbrella company, the Northern Estate Agencies Group, which will be headed by Manning Stainton’s managing director, Mark Manning.
Mortimers Estate Agents, which Ryder and Dutton acquired in 2017, will also sit under the Northern Estate Agencies Group parent company, effectively uniting the three leading regional estate and lettings agency brands, and creating a powerhouse property company with a combined turnover approaching £25 million.
Speaking about the deal, Mark Manning, new Group managing director, said: “We have much in common with Ryder and Dutton, both home-grown and well established in our respective regions, with shared core values.
“The value in the estate agency industry is within its people, and combined, we have the best people in the business.
“One of the core principles of the enlarged Group is to respect the heritage and reputation of each of the brands, whilst we make the most of this landmark opportunity to bring all our strengths, skills and intricate knowledge of the regional market under one roof.
“Strategically, this is a powerful combination, and our senior team is set on delivering our plan to improve and further dominate the estate agency industry in the north.”
The newly-formed Group will employ a team of almost 450 people, and the senior management teams across both companies will be retained.
Ryder and Dutton managing director, Richard Powell, added: “This is the coming together of two like-minded businesses who can really move the Northern estate agency sector forward and take more market share in each region.
“We’re building our businesses while retaining our successful local approach.
“We both pride ourselves on unrivalled local knowledge and incredible customer service, and we’ve admired and respected each other’s work and approach for many years.
“Forming an enlarged Northern Estate Agencies Group made sense on every level, and demonstrates our confidence in the growth of our industry.”
The deal will also create an expanded mortgage business, with a combined team of over 30 mortgage advisors providing mortgage services to clients in partnership with the Mortgage Advice Bureau.
The lettings side of the business will also be significantly enlarged, with the Northern Estate Agencies Group now having over 3,000 properties under management.
Both Manning Stainton and Ryder and Dutton have Auction House and Fine and Country divisions, which will remain.
Northern Estates Agencies Group was advised by James White at Brown Butler Chartered Accountants, Marcus Armstrong at Knights and Tom Sikora at HSBC advised by Schofield Sweeney.
Ryder and Dutton were advised by Peter Buckley and Ian Wynn at RPG and Sara Bluston at JMW.
Manning Stainton was established in 2011 by David Pank, Mike Andrews and it’s current Chairman Russell Manning, and is one of the North’s leading estate agents, with a team of 228 and 19 sales and letting branches across Leeds, Wetherby and Wakefield. Russell Manning will be continuing as Chairman of the enlarged Group.
Ryder and Dutton was established in 1919, and acquired Mortimers Estate Agents in 2017, becoming a 26-branch network covering large parts of Lancashire, Greater Manchester, West Yorkshire and North Derbyshire.
Previous acquisitions for the company include Eley Long and Co and Hazeldene Estates in 2015.
It employs 206 people.