Jobs secure in Bath property firm buyout
Bath property management firm Touchstone has been bought in a £16 million deal.
The Rush Hill firm, which employs 300 people, has been acquired by housing group Places for People.
The buyer said all the staff would be kept and that the acquisition was all about growth.
The deal represents an expansion of Places for People's private rented portfolio, with Touchstone responsible for managing 20,000 properties for a range of clients.
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Places for People, which has been at the centre of controversy over a property it leased in London Road, has been predominantly a social housing landlord, with 63,000 properties.
Places for People currently manages more than 3,100 properties for private rent across the UK.
The deal comes as figures suggest the private renting sector will expand by at least 20 per cent by 2016, with a need for an additional 1.1 million rental homes.
Tim Saunders, managing director of Touchstone, said: "We are delighted to be working so closely with an organisation that shares our view of the way the housing market is changing and is so closely aligned with our vision for the high quality services to the private rented sector in the future. We see that this creates a real base for growth and to provide even better services for our clients."
David Cowans, group chief executive of Places for People added: "We have long supported the growth of the private rented sector, alongside other housing options for people, and are delighted that we have been able to forge a strong relationship with Touchstone which will create opportunities to grow the private market rented sector as one of the major options available for people's housing choices in the UK."