Bristol estate agency makes first acquisition after securing SME loan funding
Mon, 09 Oct 2023 | BUSINESS SALE
Bristol Property Centre, an estate agency based in Redland in Bristol, has completed its first acquisition after securing funding from Mercia Asset Management’s SME Loans fund. The company has acquired Temple Homes Property in the nearby area of Montpelier and is now targeting further M&A opportunities.
The acquisition will almost double the size of Bristol Property Centre’s managed property portfolio, with the combined businesses now managing approximately 350 properties for 170 landlords. Temple Homes’ employees have also joined Bristol Property Centre, bringing its staff headcount to 11.
Bristol Property Centre, which was founded by Ashley Day in 2011, is now seeking further acquisition opportunities within the Bristol area, as it looks to build its profile in the city. Temple Homes founder Stephen Mueller, who established the firm in 2014, will exit the business following the acquisition.
Ashley Day said that Temple Homes was “an established business with the same core values and principles as our own.” Day continued that the company was now in the process of integrating Temple Homes’ staff into the business.
He added: "This acquisition, along with strong organic growth, means Bristol Property Centre is now managing over 350 properties across Bristol and we are actively seeking further opportunities.’’
Mercia Asset Management Investment Manager – SME Loans Andy Heaton commented: “Ashley is an ambitious entrepreneur who has built Bristol Property Centre from a start-up to become a thriving high street agent.”
“We believe he has the potential to transform the business from a small independent to become a key player in the Bristol market and are pleased to support him as he embarks on the acquisition trail.”
Find out how alternative forms of acquisition finance could prove vital to companies targeting M&A activity
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