Lettings agency plans further acquisitions after revenue grows 20 per cent

Surrey-headquartered lettings agency Stirling Ackroyd Group has said it will target further M&A activity during 2023 after reporting that its revenue increased 20 per cent last year. During 2022, the company acquired three property firms in London and the South East, as well as opening five new sales and lettings offices.

The firms acquired by the company last year included Red Bear Property Management, Castle Estates and Hamilton Chess, all of which have since rebranded as Stirling Ackroyd. During 2023, the business says it plans to make a similar number of acquisitions.

Last year, the company opened sales offices in Canary Wharf, Earlsfield and Nine Elms in London, a sales and lettings office in Byfleet and a lettings office in Englefield Green. The company plans to open further sales and lettings offices in London and the South East this year.

Stirling Ackroyd has not yet announced its figures for 2022, but during 2021 its turnover was £22.5 million, with the reported 20 per cent growth indicating that revenue likely increased to around £27 million last year. In 2021, the company reported gross profit of £7.8 million and post-tax profits of slightly over £0.5 million.

Nick Dunning, Chief Executive of Stirling Ackroyd, commented: "We have been focused on building a fast-growing and profitable business where people are proud to work and where we deliver excellent customer service year after year. As we continue our growth trajectory, we will continue to do so with our people, our clients and our partners at the heart of what we do."

Regarding the firm’s plans for this year, Dunning added: "2023 will be another big year for us as we look to grow organically and through acquisition, and as we maximise the synergies and revenue opportunities with our new homes, commercial and surveying teams."

Nick Dunning Associates assumed management of Stirling Ackroyd in 2017 and the agency says it has grown exponentially since then, acquiring over 20 sales and lettings firms over the past five years and growing to 35 offices and over 420 employees. The company also successfully added commercial, surveying and new homes divisions during that time.


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