A property management firm in Yorkshire has continued its expansion with the acquisition of a Nottingham-based business for an undisclosed sum.
Marriotts Commercial is the fifth acquisition in two years for Barnsdales, which is based in Doncaster.
Barnsdales will now take over its portfolio of 19 apartment blocks with 566 leasehold properties, as well as 100 commercial properties throughout Nottinghamshire.
Jason Barnsdale, managing director of Barnsdales, 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, will join Barnsdales as a consultant.
He said: “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.”
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.
Paul Arthur, investment manager at 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.