Barnsdales – the Yorkshire-based property management firm – has continued its expansion with the acquisition of a Nottingham business for an undisclosed sum.
Marriotts Commercial is the fifth acquisition in two years for Barnsdales, which will now take over its portfolio of 19 apartment blocks with 566 leasehold properties, as well as 100 commercial properties throughout Nottinghamshire.
Following the deal, Barnsdales has also secured further funding from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, to support its increased growth capital requirement. It brings the fund’s total commitment to the business to over £300,000.
Founded in 1905, Barnsdales is now run by the fifth generation of the family. The company, which is based in Doncaster, also has offices in Sheffield, Cirencester, London and Manchester and has around 2,700 units under management.
Jason Barnsdale, the Managing Director, said: “Since launching our growth strategy in 2018, we have added over 1,600 units to our portfolio. Marriotts is another important acquisition for us and will help to strengthen our regional coverage as well as becoming a more sophisticated block manager.”
John McCluskey, a Partner at Marriotts who will join Barnsdales as a consultant, added: “Barnsdales’ long-standing reputation and professionalism gave us huge comfort that we are handing on our business to a safe pair of hands. Marriotts’ clients will benefit from a more sophisticated management firm with greater resources. We are sure they will be well looked after.”
Paul Arthur, Investment Manager with Mercia, said: “It is great to see a long-established family business going from strength to strength. The NPIF loan will give Barnsdales the working capital it needs to fund increased levels of activity and demonstrates our ongoing support to the business.”
Mark Wilcockson, Senior Manager at the British Business Bank said: “We are pleased that NPIF can support with providing growth capital, after this acquisition for Barnsdales. The deal highlights the important work that businesses across the Northern Powerhouse are doing in order to grow and create jobs for their regions and we look forward to seeing Barnsdales’ progression.”
The acquisition was brokered by Peritus Corporate Finance in London and Newcastle. HSR Law acted for Barnsdales while DWF advised Marriotts.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.