Ryder & Dutton acquisition creates 'powerful' estate agency group
Ryder & Dutton, an estate agency with branches across Lancashire, has been acquired by Manning Stainton.
The acquisition will create one of the largest independently owned estate agency groups in the North of England, with a network of more than 40 branches covering Manchester, Leeds, Derbyshire, East Lancashire and West Yorkshire.
Both long-established brands will be retained but joined together under an umbrella company, the Northern Estate Agencies Group, which will also include Mortimers Estate Agents, acquired by Ryder & Dutton in 2017.
The new group will employ around 450 people and combined turnover will be in the region of £25m.
The deal will also create an expanded mortgage business, with a combined team of over 30 mortgage advisors providing mortgage services to clients in partnership with the Mortgage Advice Bureau. The lettings side of the business will also be significantly enlarged, with the Northern Estate Agencies Group now having over 3,000 properties under management.
Both Manning Stainton and Ryder & Dutton have Auction House and Fine & Country divisions, which will remain.
The new group will be headed by Manning Stainton’s managing director, Mark Manning. He said: "We have much in common with Ryder & Dutton, both home-grown and well established in our respective regions, with shared core values. Strategically, this is a powerful combination, and our senior team is set on delivering our plan to improve and further dominate the estate agency industry in the north.”
The deal was privately backed and supported by HSBC. Northern Estates Agencies Group was advised by James White at Brown Butler Chartered Accountants, Marcus Armstrong at Knights and Tom Sikora at HSBC advised by Schofield Sweeney. Ryder & Dutton were advised by Peter Buckley and Ian Wynn at RPG and Sara Bluston at JMW.
- For further Lancashire business news, advice and analysis subscribe to Lancashire Business View or join the LBV Hub from just £2.50 per month. Click here to subscribe now.
