Birmingham-based property agents CPBigwood are poised to take a seat at the top table as the seven-office firm continues to expand.
Since Bigwood merged with Curry & Partners in 2011, the firm has grown from around 110 staff to over 180.
Senior partner Rory Daly said the Birmingham-headquartered national firm of property consultants recorded 14 per cent growth in turnover in 2012-2013.
This had now been topped by 18 per cent in 2013-2014 and in the 2014 calendar year, the firm recorded a further 11 per cent growth.
Annual turnover has risen from £7 million to over £10 million and the firm now has £12 million revenue per annum in its sights.
The two driving forces behind the company’s continuing success have been its burgeoning auction business and rapidly growing property management division.
CPBigwood currently manages over 25,000 units spread over more than 500 developments across 30 counties in England.
Managing partner Brett Williams believes a further 7,500 new instructions in the pipeline will see them knocking at the door of 30,000 units under management by the end of the year.
“While there is no official league table of property managers, we estimate we are currently sixth or seventh in size nationally, with further growth to come,” he said.
“Including our rented portfolio and our commercial management we are looking after in the region of £5 billion worth of property.”
Auctions continue to be the firm’s powerhouse – creating work not only for auction staff, but also throughout the business in valuations, sales, lettings and property management.
CPBigwood is the largest auction house outside of London.
Total auction turnover broke the £50 million barrier in 2013 and showed a staggering 25 per cent growth to £62.5 million in 2014.
Senior partner Rory Daly said: “This is, by any measure, an astonishing result in an auction market which was regarded by most of our peers as patchy or flat at best.”
In the past two years, CPBigwood has grown from four offices to seven, with the acquisition of Lloyd Property Management in Leicestershire in 2012 followed by the purchase of DMA Chartered Surveyors in Hampshire in September 2013, now rebranded CPBigwood.
The firm also opened a London office in 2012 from which to build a base in the capital and the south east.
Such has been the success of the London and south east operation, the office very rapidly needed to relocate to 68 King William Street at Monument to cope with growing demand and increasing staff numbers.
The firm now has two offices in Birmingham and offices in Henley-in-Arden, Stratford-upon-Avon, Loughborough, Southampton and London which is growing fast on the back of a number of significant property management wins.
There are a number of potential property management acquisitions in the offing.
“We have an open door policy for strong, well managed businesses seeking a sympathetic ear,” said Mr Daly.
He pointed out that during the downturn the firm had continued to grow and had invested heavily in marketing, systems and most importantly, people.
“We are recognised for growing our own people and promoting from within where it is merited,” he said.
“The property marketplace is not short of those who would wish to move, but we can afford to be extremely selective in who we choose.
The firm consistently retains over 95 per cent of its apprentices. There are currently 15 in training and this figure looks set to grow.
“Better by far, in our opinion, to bring on our own staff and let them reap the rewards of their hard work through promotion and the subsequent increase in earnings.”
He pointed out that there were not that many private businesses in the professional sector based in the West Midlands set to crack the £10 million annual turnover barrier.
“Our business philosophy is based on making sure the marketplace is aware of our capability, through our powerful marketing message, and then ensuring we have the people and processes in place to deliver a service that our clients recognise is ahead of the market in all sectors,” he said.
With an eye to the future, CPBigwood is to provide the market with half and full year reviews of its business and growth plans.
