An Nottingham property management business has been acquired by a fast-growing Yorkshire firm for an undisclosed sum.
Marriotts Commercial – which is the commercial property management arm of Marriotts estate agency – is the fifth acquisition in two years for Barnsdales.
Barnsdales will now take over its portfolio of 19 apartment blocks comprising 566 leasehold properties, and 100 commercial properties throughout Nottinghamshire, along with its team of four staff and the first-floor offices in Mapperley.
John McCluskey, a partner at Marriotts who leads the team, 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.”
Founded in 1905, Barnsdales is now run by the fifth generation of the family. The company, which is based in Doncaster, also has offices in Sheffield, Cirencester, London and Manchester and has around 2,700 units under management.
Jason Barnsdale, the Managing Director, 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.”
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 with 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.