Countrywide acquires two firms
Countrywide Managing Agents (CMA) has announced two new significant acquisitions to boost their management portfolio to more than 65,000 units.
CMA, part of Countrywide, has expanded both the volume and geographical presence of their services by acquiring both Labyrinth and HLM.
The acquisition of Labyrinth includes 17,000 residential units and approximately 100 staff across nine offices throughout the UK.
Labyrinth's subsidiary businesses, which include Edgar Horn Building Surveyors, CoSec Management Services, Leasehold Legal Services and Rorke Insurance Services, will continue to provide professional support services to their existing client base, while using Countrywide's expertise to further expand their business portfolio.
CMA will also operate Labyrinth's Chiswick-based Granville and Company, which provides property management services to prestigious central London developments.
Furthermore, CMA has also acquired HLM, which currently manages more than 8,000 units and specialise in providing set up services for house builders and property developers across the north and midland regions.
Chris March, director of CMA, said: "Our acquisition of Labyrinth and HLM is an exciting opportunity for us to operate on a truly national scale and provide a UK-wide service offering.
"Both Labyrinth and HLM specialise in service charge and estate management, with unique industry links that we look forward to growing further."
Nick Faulkner, the founding managing director of Labyrinth will join CMA as the director of strategic development.
He said: "This is a fantastic opportunity for Labyrinth, our clients and our staff to grow as part of a national property business and I look forward to working with Countrywide and extending the specialist services we offer existing and new clients."
The news follows a number of acquisitions for the Countrywide Group, which has seen CMA acquire management businesses in Bristol, Hull and Southport in recent months, and a new contract win with Regis, a leading purchaser of freehold ground rents in the UK.
CMA's network of local offices extends from Exeter to Manchester, with teams of specialist staff based throughout the country offering residential and commercial property management expertise.
