CPBigwood has acquired Leicestershire firm Lloyd Property Management for an undisclosed sum.
The move, aimed at establishing the Birmingham-based property agents, auctioneers and property management group in the East Midlands, marks continued expansion.
It now has six offices – two in Birmingham at 45 Summer Row and 104-106 Colmore Row, Stratford-upon-Avon, Henley-in-Arden and the recently opened London office.
Lloyd Property Management is based at Brooklyn House, 44 Brook Street, Shepshed, Loughborough.CPBigwood will be retaining the three staff including founder Ivan Lloyd, a chartered surveyor, aiming to build a full property consultancy service from its new East Midlands office.
Originally a management buyout from estate agents Newton Fallowell around five years ago, Lloyd Property Management has 1,200 units under management and is a member of the Association of Residential Managing Agents (ARMA).
It specialises in estate and block management for freeholders, developers and resident management companies as well as providing a residential lettings service.
Services include collection of service charges, collection of ground rents, service charge budgets, year end accounts and annual returns, the negotiation of service contracts, building insurance, reinstatement valuations, the implementation of planned maintenance programmes, site visits and inspections, liaison with residents, and attendance at management company and residents meetings.
Ivan Lloyd said: “Teaming up with CPBigwood makes sense for us and our clients. CPBigwood were seeking an East Midlands base from which to grow their operations and their wider property services are now available to our clients.”
CPBigwood joint managing director Nigel Curry said: “The offer is based on property management at present but is expected to grow in time to encompass all CPBigwood areas. Staff will be recruited as required.
“We are looking to connect the West and East Midlands. Helped by our extensive contacts in the West Midlands, we will be seeking to build the level of work in our new East Midlands office. For example, we act for a lot of developers in the West Midlands who also have extensive East Midlands businesses.
“We see a lot of potential to develop in the East Midlands, particularly as the Government’s planning reforms seem set to produce a significant building revival.”
The office will be overseen by CPBigwood’s partner in charge of residential management Brett Williams. Partner Bill Drake-Lee, who lives in the East Midlands, will use the new office as appropriate – he is also charged with expanding CPBigwood’s presence in the London market.
