The Agency UK (TAUK) has expanded into new territories with the acquisition of The Estate Agency.
The purchase of the self-employed property brokerage forms part of TAUK’s prudent business strategy for growth, allowing the business to expand in the UK’s self employed agency space
The company, founded by Steph Walker, Andrew Vass and Mark Bruce in December 2020, now now counts industry titans Harry Hill (Countrywide PLC, Rightmove) and Kenny Bruce (Purplebricks) amongst its leaders has finalised the acquisition of its competitor The Estate Agency.
Purplebricks and Boomin co-founder Bruce and the former chairman and CEO of Countrywide and co-founder of Rightmove, Hill, were been appointed to the Board at TAUK 18 months ago.
It is understood that the combined business intends to continue its growth strategy across the UK in what management believe is a rapidly expanding sector.
The group assisted by its own agent proposition, including an Advance Commission structure for agents, is focused on becoming the leading UK player in the sector.
Chris Buckler, founder of The Estate Agency following the deal, said: “We are delighted to join TAUK and become a key component of their ambitious growth plans. I found our visions were aligned in wishing to lead the way and when senior executives and investors who have done it before are involved and access to capital is on the table to achieve your goals the decision for us was easy- we very much look forward to the future and what it holds”.
Andrew Vass, Co-founder and CEO at TAUK has set out the reasons behind the acquisition of Buckler’s business: “Our intention is purposeful. Our purchase of The Estate Agency is a strategic move to begin the consolidation of the self-employed brokerage sector in earnest. We have a number of other transactions in the pipeline and we firmly believe that the winner in the space will be a home grown company like us that truly understands the domestic market and what the U.K. customer wants. Our ethos is one of providing exceptional service and caring for both the agents and customers alike“.
Co-founder and operations director, Steph Walker, commented: “The advent of property portals in the early 2000’s saw a similar, fragmented dynamic that was then ‘tidied up’ by Alex Chesterman to form Zoopla as a clear number two to Rightmove. In total Alex acquired multiple, smaller portals such as Prime Location, Find a Property, Asserta Home and Fish 4 Homes not to mention a stable of CRM brands too.
“The result of this was an IPO valuing Zoopla at £900 million, which was then eclipsed by its sale to Silver Lake in the US for £2.2 billion in 2018, just five years later. Our ethos is similar.”
Kenny Bruce, investor in TAUK, said: “I’m invested once again in what is undoubtedly the future of estate agency, a platform that not only supports its agents like no other, especially with our Advanced Commission proposition & Our Estate Agency Director Program which benefits every agent partner, but which understands the UK market like no other. Harry Hill and I are backing the winner in this sector and we’ve only just got started.”
The acquisition of The Estate Agency by TAUK Property Limited is for an undisclosed sum.
Both entities will trade as their existing, separate brand names in the short-term.
