Barnsdales – a long-established Yorkshire-based property management firm – has hit the acquisition trail again with the purchase of Blake Property Management of Aylesbury for an undisclosed sum.
It is the fourth acquisition in 18 months for Barnsdales and comes as the company has also secured a six-figure loan to support its ongoing growth from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
The latest deal will create two new jobs at Barnsdales’ Doncaster headquarters as it takes over management of Blake’s portfolio, which includes 26 apartment blocks, 529 leasehold properties and seven commercial properties in locations from Bolton to Cornwall.
Barnsdales, which was founded in 1905, now has around 2,100 units under management and operates nationwide with additional offices in Sheffield, Cirencester, London and Manchester.
Jason Barnsdale, the Managing Director and the fourth generation of the family, said the company had made acquisitions in Cirencester, Rotherham and Sheffield and added over 1,000 units to its portfolio since launching its growth strategy last year.
Jason said: “Blake is another important acquisition for us and will help develop our national coverage as well as becoming a more sophisticated block manager. We are on track to have 100 blocks under management by the end of the 2019.”
Blake’s co-founder David Tatum added: “Barnsdales’ long standing reputation and professionalism gave us huge comfort that we are handing on our business to a safe pair of hands. Blake clients and residents will benefit from this more sophisticated business with greater resources.”
Paul Arthur, Investment Manager with Mercia, said: “It is great to see a fourth-generation family business like Barnsdales that is going from strength to strength. This latest acquisition will provide a source of recurring income and accelerate its growth while creating new jobs in Doncaster.”
Mark Wilcockson at British Business Bank, said: “We are pleased that NPIF has continued to support high-growth businesses in the North, providing vital funding to enable job creation and expansion into new markets. This investment which will support the company’s ongoing growth demonstrates how NPIF funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.”
The acquisition was brokered by Peritus Corporate Finance in London and Newcastle. HSR Law acted for Barnsdales and Taylor Emmet for Blake.
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.