Property firm Touchstone in £16m takeover
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.
Limited Deal. All day wedding photography only £545.00View details
All day wedding photography only £545.00
From Bridal preparations to first dance.
250+ Hi Res images on disc with full printing rights.
Professional photography at affordable prices.
Free no obligation consultations.
Offer subject to availability.
Book before 31st May 2013.
Available in Bath, Bristol and surrounding areas.
Contact: 01225 439257
Valid until: Friday, May 31 2013
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.
The deal will see both companies expand their private, market-rate renting activity, alongside other housing and regeneration activities.
Places for People has been active in the market rented sector launching its Blueroom private-rented sector subsidiary. It has continued to develop private rented sector products and been active in this sector for the last 14 years alongside its housing for sale, affordable rent and shared equity housing products. It currently manages more than 3,100 properties for private rent across the UK.
The group’s strategy for the past ten years has been to diversify its services so that it offers a range of housing options for everyone, and 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.”