September 2006 - Marsh & Parsons acquire leading London Estate Agency Vanstons
Fri 01 Sep 2006
Marsh & Parsons Group, the successful West London estate agency, led by Peter Rollings has today announced that, it has agreed to acquire Vanstons, a highly respected and well known London estate agency. This transaction follows the successful acquisition by Rollings and Sherry FitzGerald Group, Ireland's leading estate agency of Marsh & Parsons in June 2005.
Vanstons currently employ 35 people and has five offices covering Clapham, Fulham, Battersea, Balham and Barnes. This will bring the total number of Marsh & Parsons offices to 12. The branch location is a natural fit with the Marsh & Parsons existing branch area in Central / West London
The business is being acquired from Michael Winter the founder of the company and his fellow director, Gay Kaye. Both will remain involved with the business on an ongoing basis. Vanstons will be run as part of the Marsh & Parsons Group with Peter Rollings as Managing Director of the overall Group.
The business will be wholly owned by Marsh & Parsons, in which Sherry FitzGerald Group holds a majority share-holding. Other shareholders in Marsh & Parsons include Peter Rollings, Managing Director, Liza-Jane Kelly, Sales Director and Finbarr Jones, Director of Operations.
Commenting on the transaction Peter Rollings, Managing Director, Marsh & Parsons said, "The acquisition of Vanstons is an integral part of our corporate strategy to provide a first class service to the London property market. My experience in Marsh & Parsons to date has proven to me that there is a significant opportunity in the London residential agency market to provide a more personal and professional service to clients. By addressing this need in the market we have successfully doubled the sales in our branch area in a matter of 15 months. It is an ethos which I hope to develop further with our greater branch network. While we do not aspire to be the biggest, we do aspire to be the agents of choice for many sellers and landlords in London."
Mark FitzGerald, Chief Executive, Sherry FitzGerald said in London today, "The London property market is a key global real estate centre. It is the capital of European property. London and its citizens deserve and are entitled to a world-class standard of service and excellence in the area of residential property advice. This is why we were excited about our first venture into the London market with the winning combination of the Marsh & Parsons brand and the excellent leadership skills of Peter Rollings. Marsh & Parsons has been a phenomenal success story to date with turnover already up over 100%.
Vanstons is a natural geographical fit with Marsh & Parsons, and its acquisition will allow us to fast track the Group to a leading position in the London property market."
Looking at the performance of the UK and London markets in the past decade Mr Rollings noted that prime central London property had suffered most from the global economic downturn following the September 11th 2001 terrorist attacks, however evidence in the past eighteen months indicates that we are now enjoying the start of the next phase of price expansion with real signs of recovery evident throughout Central London.
"Prime central London property has outperformed all regions in the past twelve months with a shortage of supply and renewed confidence fuelling strong demand. Investors are retreating from the oversupply in the North of England with London very much back in favour. This is evidenced from an annualised price growth rate of 15% in the twelve month period to August 2006, the strongest since 2002."
Mr Rollings noted that the Prime London market is a resilient market offering very attractive yields which compare very favourably with its counterparts in other international cities, making it an attractive option for investors. Looking to the year ahead Mr Rollings predicted that the rental market would grow by 6-8% in the next twelve months due to a shortage of supply and strong demand from the City.